The City of Fairfield for the month of June was way off budget when it comes to finances, but there are explanations on why that was. Overall, the city lost $728,078 for the month.
Of the major notes on why the city budget was almost off three-quarters of a million dollars, officials say there were expenses for the new water tower, totaling over $400,000 plus the city’s power bill was due. Finally, with all of the recent infrastructure problems with the city water system, several hours of overtime have been logged by everyone in the water department. Finally, city officials say that there were 3 payrolls paid out in the month which contributed to the number.
On the cash flow report, the city for the month was in the red $1,190,344. For the year, they are at a deficit of $891,497.The general fund balance for the city at the end of the month of June was at $1,205,707.32. Another thing the city did was open a certificate of deposit for $800,000 with the funds taken out of the general fund.