Columbus to Add $1 Million to Rainy Day Fund
[COLUMBUS, OH] Mayor Andrew J. Ginther and Council today
committed an additional $1 million to the City’s rainy day fund to ensure
Columbus remains on solid financial footing. The savings resulted from tax
revenue and the renewed focus to reduce spending.
“Deposits
to the Rainy Day Fund allow us to be better prepared for any near- or long-term
downturns in the economy,” said Mayor Andrew J. Ginther.
The City
will deposit an additional $1 million in the Rainy Day Fund this year,
increasing its balance to $80.6 million – exceeding the savings goal of $80
million by the end of 2020, one full year ahead of schedule. The savings were
made possible thanks to higher than expected revenue in 2019 as delayed
collections from 2018 came in late following recent changes to state tax law.
“Building
a healthy rainy day fund is a responsible use of taxpayer dollars as Columbus
prepares for the future,” said Pro Tem Elizabeth
Brown, chair of the Finance
Committee. “While we work to ensure sound investments in the major needs of
Columbus today, we must also plan for the Columbus of tomorrow.”
The
announcement came during Mayor Ginther’s 2020 Operating Budget presentation
held at Glenwood Community Center on November 13, 2019.
“This
Rainy Day Fund investment reflects our commitment to save now so that when we
do see a downturn, we can continue to invest in housing, good-paying jobs and
neighborhoods,” said President Shannon
G. Hardin.
Council
will hold a Finance Committee hearing on Wednesday, November 20, 2019, at 2pm
in Council Chambers, 90 West Broad Street. Additional committee-based public
hearings on the budget proposal are scheduled for late November through
December.
Mayor
Ginther set a new goal of $90 million in the Rainy Day Fund by the end of 2024,
which will include a proposed deposit of $2.5 million in 2020.
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