Marked Tree City Council approves amended budget
During a brief agenda Monday night, the Marked Tree City Council adopted a resolution amending the 2012 budget.
According to City Clerk Pam Wright, the revised budget shows the city is around $67,000 in the red. Wright said the majority of that amount was from funds used in constructing the rail spur to the Awesome Products facility. The city has between $60 -65,000 coming from matching grants meant as reimbursement for the rail spur, but it is unclear when the city will be reimbursed.
The council approved having the city take over insurance on the old rail spur. Mayor Wayne Nichols said he learned recently the city needs to insure rail spur, and it may be possible to combine the insurance on both the old spur and the new spur. Wright said the old spur was purchased several years ago by the Marked Tree Industrial Corporation. The corporation dissolved ten years ago, and now that the spurs connect, the city will be taking over insurance on the old spur.
The council also approved a transfer of $81,436.34 from the Capitol Building Fund to the Industrial Fund.