MONROE — Monroe Mayor Jamie Mayo said the city’s continued good financial standing means he’ll be able to give 2 percent pay raises to all eligible employees for the third year in a row.
The raise has already been accounted for in the fiscal 2012-2013 year, which started May 1, and will go to more than 600 city employees.
Those who won’t receive the raise include police officers, fire personnel, transit workers, operating engineers at the water treatment plant and employees at the City Marshal’s Office and City Court, who are covered by union agreements.
Monroe city officials expect an eighth consecutive surplus of up to $100,000, since the fiscal year ended April 30.
The surplus figure won’t be finalized until auditors complete their audit of city finances in November.
“We are pleased and excited to once again project our eighth consecutive fiscal year budget surplus for the city of Monroe, particularly during these tough economic times,” Mayo said. “I applaud our administration, department heads and the support of the city council for helping in this team effort.”
Being in good financial shape means the city can maintain a good bond rating, which subsequently makes it more likely to get low interest rates when the city needs to borrow money for large-scale projects.
Department of Administration Director David Barnes said the city won’t need to borrow money this summer like other cities must do to cover regular operations.
“The Department of Administration continues to maintain a stable and adequate cash flow to meet all of the city’s operation obligations. The city continues to generate a strong financial presence in the bond market and is proud to be maintaining an A+ rating in today’s economic times,” Barnes said.
Council Chairman Jay Marx said the city has enjoyed a surplus every year since 2004-05, which is an accomplishment considering the economic conditions elsewhere.