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City of Galesburg revenues tally $750,000 higher than expected

Amidst financial uncertainty from the state, and a lingering pension problem, the City of Galesburg received a surprise this week that should help out a bit. 

City Manager Todd Thompson confirmed today that $750,000 in additional revenue than what was originally projected will help to aid the city’s FY16 budget.
Thompson says the unexpected funds came largely from an increase in local use tax and revenue from video gambling this year.

Last year, City Council underfunded police and fire pensions by approximately $1.6 million and Thompson tells WGIL that the excess revenue will help to better aid those coffers.

“Most of the revenue, the surplus, will go toward fire and police pensions,” Thompson says. “With these budget adjustments we’ll see $2.3 million be contributed to the police pension fund and just a little bit over that, $2.36 million, being contributed to the fire pension fund.”

An overall budget deficit should now sit closer to $2.3 million, according to Mayor John Pritchard. 

Council is expected to approve the official budget adjustment Monday. 

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