WILLIAMSBURG -- City Council got the bottom line on the Fiscal 2014 budget at Monday's work session along with a preview of the state's plans that will cause them to have to revise the 2015 spending plan.
According to numbers presented by Finance Director Phil Serra, the city had a $1.18 million surplus in the fiscal year that ended June 30. While some of that surplus was caused by increased revenues of about $250,000, the majority was related to reduced expenditures totaling more than $650,000. The city also had a surplus in its utility fund of just over $250,000.
Serra said the city has reserves of $37 million, although only $11.7 million of that is uncommitted. The city's operating budget is still below its peak in 2008.
Serra told council that because of revisions to the state budget in November, which cut $30 million in aid to local governments, the city will sustain a loss of about $28,000. He reminded them that in the years 2008-13, when the state experienced budget troubles, it asked the localities to refund some of the aid they received if they didn't want that line item totally taken out of the budget.
"Over those years that cost the city about $185,000," Serra said.
City Manager Jack Tuttle said that after a year's absence, the "aid to the Commonwealth" line in the city budget that marked that payback will be returning.
Vaughan can be reached by phone at 757-345-2343.