Monterey Voting On Continuing Budget Resolution Monday

Monterey aldermen will consider a continuing budget resolution during Monday’s board meeting.

Mayor Bill Wiggins said the resolution comes after the board voted against a new spending plan earlier this month.

“We’re under the same financial constraints and guidelines as we were when the fiscal year ended June 30th,” Wiggins said. “This means that the proposed three-percent adjustment in pay for all employees is put on hold until the budget is approved on third reading. Any equipment purchases that were proposed in the new budget are also put on hold.”

Tennessee law requires municipalities to have budgets approved before July 1. Wiggins said some of the town’s aldermen requested more time to discuss the $4.7 million budget proposal.

“We’re talking about setting up a finance committee meetings,” Wiggins said. “Of course, those meetings are publicized and open to the public. Those dissenting aldermen who refused the committee’s recommendation on the budget and tax rate will be there to make their arguments and counter-proposals.”

The finance committee recommended approval of the budget earlier this year and the board provided first reading approval on June 3rd.

Wiggins said he hopes a new budget can be approved by the end of July.