Montevallo City Council adopts budgetPublished 2:07pm Wednesday, September 26, 2012
FROM STAFF REPORTS
MONTEVALLO – The Montevallo City Council adopted its proposed 2012-2013 budget during a Sept. 24 meeting.
The budget projects only a $7,833 difference from the 2011-2012 budget, according to a press release from the city of Montevallo.
The 2013 general fund budget forecasts $3,849,300 in revenues and $3,848,826 in expenditures. These amounts include $470,000 generated by the city’s new one-cent sales tax. On the expenditure side, 90 percent of the money generated by the new tax is earmarked for the city’s ongoing downtown revitalization projects. The remaining 10 percent is dedicated to other capital-related needs, the release stated.
The city’s press release also included an overview of ongoing downtown projects including:
-The $800,000 promenade project along North Boundary Street will be completed this fall.
-The old Alabama Power Building was purchased in partnership with the University of Montevallo and Shelby County, and is currently being restored for university classrooms and faculty offices.
-The old Alabama Coach facility was purchased by the partnership among the city, county and university.
-The old Lovelady Building was purchased by the University of Montevallo and will soon house its new campus bookstore.
-The $2.8 million Main Street Revitalization Project is on the Metropolitan Planning Organization’s final project list, which has been submitted to Congress for funding next month.