Annual Meeting (Proposed Harbor Dredge Budget 2025-26)

Leland Township

Event Date: 2025-03-29

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This document outlines the financial performance and projections for the Harbor Dredge Maintenance Improvement Fund (Fund 595) for the fiscal years 2022-2023, 2023-2024, and projected figures for 2024-2025 and proposed figures for 2025-2026. The fund’s primary purpose is to finance dredging operations, including the purchase and maintenance of dredging equipment and related expenses. Income sources include transfers from other Harbor funds, miscellaneous income/grants, parking revenue, dockage fees, and investment interest.

For the 2023-2024 fiscal year, total income was $96,264.95, significantly higher than the $40,000.00 in the previous year. This increase is largely due to increased parking revenue. Key expenses include salaries and wages, fuel for the dredger and tender, insurance, repairs, and rental costs. The total expenses for 2023-2024 were $90,863.11, resulting in a fund balance of $94,111.97 as of March 31, 2024.

Projected income for 2024-2025 is $52,235.71, with expenses estimated at $52,148.89. The anticipated fund balance for March 31, 2025 is $84,000. The proposed budget for 2025-2026 anticipates total income of $73,600.00 with expenses of $73,600.00. The document does not provide a projected fund balance for March 31, 2026. The budget highlights the importance of managing income and expenses to maintain the fund’s financial health and support dredging operations.

Internal document reference #:3010

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