The town of Walden may have to dip into its reserve fund to the tune of $400,000 in order to meet the expected expenses for the 2016-17 fiscal year.
Though the budget ordinance was discussed at the most recent meeting of the Board of Mayor and Aldermen, the budget has yet to be officially passed. The figures may change with further discussion, said Town Recorder Fern Lockhart.
“We don’t want to keep tapping into the reserve fund,” said Alderman Thom Peterson. “Ideally, we want to keep it healthy.”
The town has planned to do $250,000 worth of road paving projects in the area, which heavily contributed to the higher expenses, according to Peterson. In addition, Walden is receiving less money from the Hall tax than initially estimated, causing the shortfall.
Walden legally has to have a balanced budget passed by June each year. However, the revenue from the Hall tax from the previous year comes in August, after the next year’s budget has been passed, meaning it’s literally a game of estimation and guessing as to how much the town will receive.