STANFORD - City Council approved a $1,981,186 budget for 2009-10 at a called meeting Tuesday night, but had to raise taxes and dip into the city's contingency fund to make it work.
"It's a tight budget, tighter than the one last year," Mayor Bill Miracle said. "You're just glad if you can get through one full year with your budget in these times."
In order to make the new budget balance, the city had to increase its tax rate by 4 percent, which will bring in only about $4,000 in new revenue.
It also will use $40,000 from it's rainy day fund, bringing the balance of that fund down to $26,000. By law, cities are required to keep two month's operating budget in reserve, and Stanford is still in compliance, City Clerk Sandy Gooch said.