Burnet fights to improve its finances

September 19, 2012, 1:15 am by Phil Schoch

 When City of Burnet officials closed the books on Fiscal Year 2003, the city had a grand total of $37,400 in the bank, a dangerously low amount that could have resulted in devastation for the city if it had suffered some sort of destructive natural disaster or emergency.

Nine years later, City Manager David Vaughn told council members at their meeting earlier this month that the city’s reserve fund will be in the $2.5-2.7 million range when Fiscal Year 2012 ends at the end of the month.

The widely used standard for city, county and school district reserve funds is the figure needed to operate the entity for 90 days, which in Burnet’s case is about $3.7 million, and Vaughn told council members he believes there is a good chance Burnet will end FY 2013 with at least $3.5 million in reserve.

For more on the story, see Wednesday's Burnet Bulletin.