The City of Troy will begin operating off a budget nearly identical to that of the last fiscal year this October after getting unanimous support form the city council.

The budget keeps everything at level funding from the previous fiscal year except for a 1.5 percent cost of living increase for full-time employees.

However, the city isn’t finished with the budget just yet.

Instead of passing a finalized budget, the council approved a continuing resolution that Mayor Jason Reeves said will allow the city to amend as necessary as it prepares for a new utility contract on January 1.

“Didn’t intend to have you vote on a budget today,” Reeves told the council at the executive committee meeting. “I just wanted to bring it before you to discuss some things.”

Reeves said he wants to establish a committee to review the city’s policies and procedures. The committee would include financial advisers, a couple of council members, a representative of the treasurer’s office and other department heads.

“The committee will make recommendations for the adoption of certain rules such as the maintenance of a fund balance or some things related to utilities and payments in lieu of taxes: some things that we can put into place long-term that we’ve discussed and talked about. This is a good time going into our new utility contract to get these things done.”

The budget will be just a bit over $70 million, at least until amendments are made. Following last year’s budgeted numbers, the general fund will be budgeted at just over $29 million while utilities will be budgeted at $41 million.

The only difference in this year’s budget will be an additional $240,000 to cover the cost-of-living increase.

Reeves said the revenue is there to fund that and more.

“We’re entering some of the highest revenues that we’ve ever seen in regards to the margins in the utility department,” Reeves said. “August was the largest sales tax month we’ve had in the history of the city. It’s hard to say without seeing September just how big that is, but it’s a good sign.”

In other business the council:

• Approved a one-time special event liquor license to B and B Bartending to host a formal for Alpha Delta Pi Sorority at the Johnson Center for the Arts Friday.

• Approved a bid award of $24,290 to IBS Inc. to provide in-car cameras for the Troy Police Department for their seven new vehicles.

• Listened to a first reading on an ordinance vacating a sewer easement at Troy Industrial Park South.

The Troy City Council will next meet Tuesday, October 10 at City Hall. The executive committee will meet upstairs at 4 p.m. and will meet in the Council Chambers for the council meeting at 5 p.m.