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City might not have so much extra money
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After announcing the city is “flush with money” and asking board members to consider his proposal on spending $1.4 million in excess cash, Finance Committee chairman Ken Smith is warning the proposed budget for fiscal year 2014-15 might require a tax increase. Smith says the statement was made before he received the proposed budget that was generated by Finance Department director Shirley Durham.“I just want us to realize, that Shirley is projecting a cash balance of $5.8 million and hopefully, she is right,” said Smith. “With our revenue, the projected fund balance is $3.1 million.