The Prescott Finance Committee met on October 16th to continue developing the City budget for 2020. While there were no major adjustments requested from the various departments, requests were presented for changes in salary budgets, a police vehicle at $38,000, and the Committee discussed TIF 3, 4, and 5. $250,000 will be moved from TIF 3 to 4, and TIF 5 could have a possible developer incentive of $250,000. The Pearl Street reconstruction funding would come from TIF 5. According to the meeting minutes, with the budgets all put together, there is still a shortfall since no funds were put in contingency. It was decided to move $16,300 from the Police Department budget, and $60,000 from the general fund balance to create a contingency budget of $76,300. With all of the budgets, the increase comes to 1.198%. This amount will keep Prescott within the levy limit and also expenditure restraint. The final draft budget will be brought to the October 28th Council meeting. A budget hearing is set for the November 18th Council meeting.
