Friday, September 6, 2013

Tribune Reports Kokomo Cash Balances Total $20 Million

From the Kokomo Tribune:

During the past three years the cash balance for the city of Kokomo has increased by $7.8 million, or 63 percent.

City Controller Milton Beach said Tuesday during the opening round of the Kokomo Common Council’s budget review process that the city has been steadily increasing its cash balances.

The combined cash balance from several areas, including the general fund, has climbed from $12.3 million in 2010 to $20.1 million as of the end of August.

The cash balance for the Economic Development Income Tax fund has increased from $2.5 million to $2.9 million since 2010.

When Mayor Greg Goodnight took office in 2008, the city was facing a $4 million deficit.

Randy Morris, the former director of operations for Kokomo and now superintendent of the Parks & Recreation Department, said the proposed 2014 budget is balanced with the anticipated revenues.

“The budget may need some tweaking, but there is no need for major cuts,” he said.