Mayor Bart Castleberry presented the 2019 budget to the Conway City Council Tuesday evening. The budget was approved by a unanimous vote.
The City of Conway will ring in the new year with a balanced budget that provides a 2-percent cost of living adjustment to city employees. Thanks to a strong economy, we're pleased to announce that no services or positions will be cut or reduced.
Our health insurance premiums have increased by 8-percent, but will remain affordable.
“Despite the increase, the good news is that it’s still very affordable for our employees and remains competitive compared to the marketplace,” said Mayor Castleberry.
Contributions to the city’s non-uniform pension plan have increased from 6-percent to 10-percent.
“Due to the structure of the new plan, it’s officially projected to no longer run out of money. The year 2033 was pegged as the year it would hit zero and now that’s no longer the case," said chief financial officer Tyler Winningham.
Our pension contributions went up $445,000, but the plan is no longer projected to go broke for the foreseeable future and the funding ratio is projected to remain steady at 35-percent.
The Mayor's Office would like to thank everyone involved for working together to create a budget that serves the people of Conway.
The council meeting can be viewed in its entirety by clicking here.