City of Ludington Approves New Budget
The city of Ludington has approved their budget for the upcoming year, but they’ll have to dip into their fund balance.
They’ll need to take about $68,000 from that account to balance the budget.
They’re also expecting expenses to be more than revenue for the following year.
That’s because of a number of infrastructure projects going on throughout the city.
They also looking to make a school resource officer full time and would have to hire another officer.
The city manager says overall, the city is in good financial shape.
“We try to maintain a fund balance of about 25 percent of our expenditure and we’re able to do that for all three years. So we’re trying to stay stable financially and then we’re doing quite a bit of water and sewer utility work,” said city manager John Shay.
The city manager says the city should have revenues exceeding expenses in three years.