CITY OF BUCHANAN CELEBRATES NEARLY $700K BUDGET SURPLUS

By DEBRA HAIGHT
BCR Correspondent
BUCHANAN – Buchanan City Commissioners celebrated some very good financial news Monday night. Auditor Brian Hake reported on the annual audit, giving the city a clean unmodified opinion and telling commissioners that the city had a very healthy budget surplus for the fiscal year ending June 30.
City officials had anticipated a small general fund surplus of just under $14,000 for the 2023-24 fiscal year and instead ended up with a much larger surplus of nearly $680,000. Hake said the city’s general fund reserves are now at $1.876 million which would keep the city operating for over eight months without any other revenue.
General fund revenue was expected to be $3.49 million and ended up at $3.87 million. General fund expenditures had been anticipated to be $3.02 million and actually came out at $2.735 million. After transfers in and out, $679,635 was added to the fund reserves.
Hake and City Manager Tim Lynch credited a number of factors including a big increase in investment income accompanied by a drop in expenses. Lynch said he and other City Hall staff had invested a significant amount of time in strengthening financial procedures including how cash is handled and segregating duties.
“Our finances look very good,” Lynch said. “Investments went up from $132,000 last year to $573,000 this year.”
City Commissioners praised Lynch and city staff for their efforts. Just a year ago, many city residents were concerned about the city’s finances and feared budget deficits would lead to a possible state takeover of the city. Those fears proved to be groundless as the city has marked the second audit in a row showing a surplus.
The audit of the 2022-23 fiscal year showed a $200,000 surplus after the final budget amendment before that year’s audit predicted a $700,000 deficit.
Lynch is nearing the end of his tenure as city manager. He had served as the interim manager for a few months in 2023 and then came back as the full-time manager last December. He announced earlier this fall that he planned to step down at the end of the year.
City commissioners conducted a city manager search and voted in late November to offer a contract to Abonmarche vice-president Tony McGhee to be the next city manager. No final contract with McGhee has been brought before the commission for action. Lynch said Monday that he expects to stay on for a short while to help in the transition.
“Congratulations to the finance team for two years of improved audits,” City Commissioner Swem said. “The city government is running more efficiently and the belt tightening allows us to do more big projects.” Commissioner Vigansky also praised Lynch, thanking him for his efforts. “I want to thank Tim for everything he has poured into the community,” Commissioner George said. “I hope he sticks around for a while.” Commissioner Weedon chimed in, promising to further honor Lynch’s efforts. “You’ve given the city a breath of fresh air and proven that we’re not broke or destitute…we will continue to be fiscally conservative.”
Monday’s commission meeting also featured a presentation by OneBuchanan Chair Estephani Cashier-Rodriguez as well as an extended discussion about the new Common Collective. The Common Collective is one central board that coordinates efforts of all four organizations that use the Common: the Fine Arts Council/Tin Shop Theatre, the Common Concert Committee, the Buchanan Preservation Society/Pears Mill, and the Farmers Market. Michael Rowland reported that representatives of those groups have been meeting and continue to coordinate activities as a whole.

The only naysayer, Commissioner Vigansky raised questions about how much the city should be spending on these type of activities. However, he was overruled and commissioners voted to approve their annual $10,000 contribution to the concert series, an investment in the arts the city has been making each year for at least a decade.
Rowland reported on the Common Concert Committee’s other funding avenues. The committee has received donations in recent years and have also done fundraising. There is strong community support for both the Thursday and Saturday concerts throughout the summer.
In other news, the city is calling for applicants interested in serving on the Municipal Officers Compensation Commission as outlined in the City Charter. Applicants must be registered electors of the city. Five people will be chosen to serve and decide on what compensation city officials should receive. People can apply at City Hall by Dec. 31.

Commissioners voted to cancel their Dec. 23 meeting. They will meet again on Jan. 13, 2025.