Fairbanks projects $1.3m surplus in 2011

Posted: Sunday, October 31, 2010

FAIRBANKS - The city of Fairbanks is projecting a $1.3 million surplus in its latest budget in the first major executive action by new mayor Jerry Cleworth.

Cleworth was sworn in Tuesday after defeating incumbent Terry Strle in a close race earlier this month.

The city projects revenue at $32.3 million next year, mainly because of new housing at the U.S. Army post Fort Wainwright.

Cleworth also projects the city's expenditures to drop by $175,000.

Cleworth's budget would still require approval by the Fairbanks city council.

The budget must be approved by Dec. 15.

Cleworth says labor negotiations and wage increases could erode the surplus.

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