Preparing for Tomorrow
Columbus Commits to Increase the Rainy Day
To some, an overcast day foreshadows gloom and glum. However, in the City of
Columbus the term “rainy day" highlights the foundation of a strong,
stable economic ecosystem.
Monday, April 3, 2017, Columbus City Council will present a resolution to reset
the Rainy Day Fund goal also known as the Economic Stabilization Fund. The new
target is $80 million by the end of 2020.
2009, we made a commitment to residents to restore the rainy day fund to $50
million by 2014,” said Council President Pro Tem Priscilla Tyson. “Through strong fiscal
management, we met and exceeded that goal.”
the 2017 State of the City address, Mayor Andrew J. Ginther affirmed his
commitment to remain fiscally responsible and Columbus City Council is in full
support. According to Ginther, the administration will conduct an operations
review to ensure City departments and services are aligned with the priorities
of a twenty-first century community.
is experiencing a time of unprecedented growth with record low unemployment,
but we all know the economy can change,” said Mayor Ginther.
is wise and prudent to prepare for a downturn when times are good. I applaud
President Pro Tem Priscilla Tyson and City Auditor Hugh Dorrian for their work
in making sure the future of Columbus remains bright,” he continued.
the leadership of Auditor Hugh Dorian, the City of Columbus has continued to be
responsible stewards of public funds. The City has consistently maintained the
highest bond ratings from the three major bond rating agencies.
have an obligation to our community to have a financial plan in place to
weather the storm," Tyson continued. "The plan must include
systematic, ongoing efforts to sustain it."
the City is on pace to exceed the $75 million benchmark for 2018.
these uncertain financial times, it is important that we plan for the unknown.
I am proud we have a contingency measure in place to keep our City
strong," Tyson concluded.