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June 3, 2023 1:44 pm

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NB’s Long Term Spending Plan Explanation from Chris Kirk, Finance Officer

North Baltimore Village Council has been working with Finance Officer Chris Kirk to develop and long term spending plan. Kirk provided the following explanation:

The long term spending plan was developed in order to further track our funds, and to determine what should be used for operations, and what should be used for future capitals needs/future projects.  When council uses the term “carryover” they are describing money that is sitting within one of our 39 funds that has yet to be budgeted or spent.  The spending plan is in place so we can determine how much of these “carryover” funds should be used for daily operations, vs. how much can be set aside for future capital needs (such as a new vehicle) or future projects (such as a new waterline on Main St).

As a rule of thumb, we are safeguarding between 25-50% of yearly expenses to be set aside for operating purposes.  What remains in the carryover are the funds that we will be setting aside for future capital uses and projects.

EXAMPLE: (These figures have been rounded for explanation purposes) 

General Fund: 

Annual Expenses: 1,200,000.00

Year end fund balance: 700,000 – this is the carryover, funds that have not been spent.

Of that 700,000, 600,000 will be set aside to use for operating purposes (half of the yearly expenses of 1,200,000.00) – this will ensure that we have the proper funds to handle our day to day operations.

The remaining 100,000 in the carryover will be earmarked for future capital needs or projects.

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