Mayor Jean Stegeman addressed the state of the City of Menominee at Tuesday’s council meeting, updating citizens on accomplishments made this past year and the city’s financial outlook and marijuana standing. Stegeman emphasized the city’s financial picture is not nearly as strong as they would prefer with an unassigned fund balance of over 2 million-dollars; an increase of 77 thousand-dollars over the last year. Stegeman says, “our assigned fund balance increased from over 371 thousand-dollars to over 501 thousand-dollars along with capital expenditures that were not in the budget. Leaving a reduction in the unassigned fund balance to cover the deficit.”
Stegeman says, “there seems to be considerable confusion on the marijuana subject, and I hope to provide some clarity. But first, let me unequivocally state we did not approach this issue to remedy our revenue shortfalls.”
Stegeman ended her remarks on a positive note by stating that we have investments taking place both large and small with the planned development for the Kmart property, several new businesses that have invested in Menominee, as well as the many renovations that are underway on existing commercial structures.