Waterloo OKs budget, project bids

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As expected, the Waterloo City Council approved the city’s new fiscal year budget during its April 18 meeting at City Hall. 

For the fiscal year starting May 1, the City of Waterloo is projecting  estimated revenue of $51.8 million and estimated expenditures at $49.8 million to operate at $2 million in the black.

Waterloo Budget Officer Shawn Kennedy explained estimated receipts in the upcoming budget includes $6.2 million in transfers from invested funds, $700,000 million in transfers from other funds, and $15.2 million of proceeds from an IEPA loan toward a new water treatment facility and water tower. 

As for disbursements, the water treatment plant and water tower projects account for $16.6 million in estimated disbursements in the upcoming fiscal year budget.

Street projects account for $4 million of estimated expenditures.

For budgeted general fund revenue, Waterloo projects a 16 percent increase in sales tax.

Upon the approval of last year’s budget, Waterloo had more than $30 million in reserves – which includes invested funds and funds committed to certain departments or accounts per state statute.

The city estimates to reduce its reserves by approximately $5 million “if all projects are completed and disbursed in the current fiscal year.”

In other action, the council approved a small increase in the monthly household charge for trash pickup to $16.78, which includes a 50-cent recycling surcharge.

The city’s contract with Reliable Sanitation for this service expires April 30, 2025.

The council also approved Huebner Concrete Contracting as low bidder in the amount of $170,666.50, for Waterloo’s 2022 Street, Curb and Sidewalk Improvement Program; Rooter’s American Asphalt as low bidder in the amount of $395,767.96 for the Veterans Drive/Grand to North Library/Veterans to Columbia street project; and Baxmeyer Construction as low bidder in the amount of $831,466.90 for the Morrison Avenue project.

The council also approved Equipment Pro with the low estimate of $40,702.70 for replacement of an 85 horsepower pump at the West Plant Lift Station (old sewer plant location) and a contract for culvert lining in the amount of $22,055 from Midwest Municipal Supply.

Lastly, the council approved a preliminary plat for Remington Ridge, Phase 3.

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