Despite its recent need to hike city taxes in order to make payments on the water and sewer bonds tied to its new municipal utilities system, the city of East Bethel reports it is in pretty good financial shape.
City Finance Director Michael Jeziorski March 5 presented the city’s 2013 finance report with a list of positives.
Jeziorski noted that East Bethel finished 2013 with a $360,000 surplus and a fund balance of $2,981,000, which makes up 62 percent of the city’s budgeted 2014 expenditures. This healthy fund balance far exceeds the 35 percent minimum set by city policy.
Jeziorski also pointed out that the city’s bond rating was upgraded to AA during 2013, in part due to its strong financial management.
Another positive Jeziorski mentioned in his presentation is that market values in the city are going up.
The full financial report can be viewed on the city’s web site at http://www.ci.east-bethel.mn.us/.