By Robbie Ward
TUPELO – The city of Tupelo will soon have a new funding source to pay for fire trucks, sidewalks, parks upgrades and other longterm purchases.
The City Council unanimously approved a proposal by Mayor Jason Shelton to change what the city does with any leftover money after meeting expenses at the end of a fiscal year. Instead of channeling any additional tax dollars to the city's rainy day reserves, city will now begin funneling the money into the city's capital budget, which funds big-ticket expenses.
As of mid-November, this change could mean an additional $500,000 or so into the capital budget. Previously, the city funded the capital budget through issuing bonds or dipping into the city's reserve fund.
"This is basically a way of funding the capital projects plan with cash so we don’t have to dip into rainy day funds or use bonds to purchase fire trucks and other equipment," Shelton said. "It’s a sound and responsible capital plan without new debt or relying on the reserve fund."
Read tomorrow's edition of the Daily Journal for more on the story.