KINGSTON – The City of Kingston’s unassigned fund balance increased in 2016 by 823,613 for a total of $5.5 million. That amounts to 13.3 percent of the city’s general fund budgeted expenditures and now more than the city’s adopted fund balance policy, which calls for a fund balance level of between 10 and 13 percent, he said.
City Comptroller John Tuey recommended that the common council use $441,440
of the fund balance to pay off a portion of the city’s short-term
debt. The action would provide recurring interest savings, as well as
future budgetary flexibility that Tuey recommends be used to fund vehicle
and other short-life capital expenditures in order to reduce the need
to bond for those assets.
A reduction of $441,440 from the city’s fund balance would bring the unassigned fund balance calculation to 12.2 percent of the budgeted expenditures, which is in the upper range of the city’s targeted balance levels.
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