|San Jacinto News Times - Local News
Copyright 2013 - Polk County Publishing Company
Shepherd adopts deficit budgets
SHEPHERD – Shepherd City Council adopted a utility fund budget, general fund budget, Economic Development Corporation (EDC) fund budget and approved a ordinance raising water and sewer rates for 2013/2014 Monday evening during public hearings held at the Shepherd Community Center. Based on the need to generate revenue to pay any impending loan repayment of the moving of utilities by Texas Department of Transportation (TxDOT), utility rates for residential and commercial customers will be increased by 13 percent to be effective Nov. 1, 2013. The minimum water rate for residents will go from $14.16 per month to $16 and the minimum sewer rate for residents will go from $8.82 per month to $9.97 per month, according to Shepherd Mayor Glenn Dillon. Budgets adopted Monday included the city's utility fund budget which shows total revenues amounting to $610,337, up $37,152 from last year's revenues. Total expenditures amount to $1.4 million, leaving a deficit of $854,693. After other financial sources of $800,000 is added to the budget the expenditures for the utility fund for 2013/2014 is in the deficit to the amount of $1,775. The city's general fund budget shows revenues totaling $432,390, which is $5,710 less than last year's budget. Total expenditures amount to $1.2 million, leaving a deficit of $574,304. Other financial sources include $300,000 from the city's fund balance and $593,000 from grant proceeds, giving a total of other financial sources amounting to $893,000, leaving a $31,083 deficit in the city's general fund. The Shepherd Economic Development Corporation's operating budget has $78,500 in total revenues for 2013/2014 and total expenses amounting to $21,730, giving the EDC a net income of $56,770. The regular meeting of the Shepherd City Council is scheduled to be held Monday, Oct. 14 at 7 p.m.