Council adopts 2014 budgetThe Superior City Council adopted its 2014 budget Tuesday night. The $27.4 million financial plan includes an increase of $34,248 in the city’s portion of the annual tax levy to pay city debt in 2014.
By: Shelley Nelson, Superior Telegram
The Superior City Council adopted its 2014 budget Tuesday night.
The $27.4 million financial plan includes an increase of $34,248 in the city’s portion of the annual tax levy to pay city debt in 2014.
While health insurance premiums will remain the same in 2014, the city budgeted for a 2 percent increase in salaries for next year. It’s a number that could change when the city negotiates contracts with police and fire unions next year. While police and fire received a salary increase last year, other city workers haven’t had a raise in about three years, since Wisconsin’s Act 10 was signed into law.
While the budget balances this year, Finance Director Jean Vito advised councilors the same wouldn’t be true in 2015, when the city no longer has the two-year federal SAFER grant, which allowed the city to add six firefighter positions this year. Three of those positions were held open without the grant to help balance the fire department’s budget in 2012.
The council also approved a recommendation from Mayor Bruce Hagen to maintain the city’s general reserve funds at current levels, and receive an annual report on reserve levels when the city undergoes its annual audit.
Credit rating agencies like Moody’s and Standard and Poor’s carefully monitor reserve levels when determining creditworthiness, according to Vito.
The city’s bond rating from Standard and Poor’s is AA, the second highest rating on the scale.