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Columbus, OH 43215
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Preparing for Tomorrow

Columbus Commits to Increase the Rainy Day Fund

[COLUMBUS-OH]  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.

On 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.

"In 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.”

During 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.

“Columbus is experiencing a time of unprecedented growth with record low unemployment, but we all know the economy can change,” said Mayor Ginther.

“It 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.

Under 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.

"We 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."

Currently, the City is on pace to exceed the $75 million benchmark for 2018.

"In 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.

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