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Columbus Tax Surplus - Extra $31.8 Million in 2011

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Started 6 months ago by News
Latest reply from lazyfish

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News
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City might wind up with extra $31.8 million

By Doug Caruso
The Columbus Dispatch
Friday November 4, 2011 6:57 AM

As Mayor Michael B. Coleman’s administration prepares its 2012 budget, the city auditor is predicting that Columbus will end 2011 with $31.8 million left over in its operating fund.

Auditor Hugh J. Dorrian attributes the carryover to spending that’s projected to be $9.5 million less than the budget the City Council approved in February, and income-tax receipts that are running well ahead of last year’s collections.

READ MORE: http://www.dispatch.com/content/stories/local/2011/11/04/city-might-wind-up-with-extra-31-8m.html

Posted 6 months ago #
Analogue Kid
5th by West-Northwest
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More sidewalks and bike trails (not lanes) please

Posted 6 months ago #
gramarye
In Exile
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Or we could recharge the rainy-day funds that we depleted during the last downturn. (Does anyone seriously think we're completely out of the woods and at no serious risk of a follow-on downturn?)

Posted 6 months ago #
StowCbusCleveland
Jackson Township, Canton, OH
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This is good news, especially keeping in mind that only 2 years ago the city was left begging for an income tax hike to make ends meet.

My only complaint reading the story is that it sounds like they intend to only contribute $5.5M to the rainy-day fund. I think it would be better if they could hold the line on the spending and build that fund up more rapidly while giving the tax revenue growth a chance to really outstrip the spending growth. They will need the cushion again someday, and the budget lesson that needs to have been learned from our recent local, state, and national experience is that you can't let spending grow as revenue grows because you never know when the bottom might fall out and leave you stuck in a bad spot.

Nothing wrong with using some of the extra money to improve the city, but I'd like to see the forced discipline of 2009 become voluntary discipline in 2012.

Posted 6 months ago #
hugh59
Aboard the ultimate power in Olde Towne East
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$31.8 million? Let's hope the city does not commit itself to spending another $50 million so that it finds itself in the red again and needs to ask for more taxes.

Posted 6 months ago #
futureman
Grandview Heights
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My vote is put in the rainy day fund. With the cuts coming down from the state level the city will need it.

Posted 6 months ago #
hugh59
Aboard the ultimate power in Olde Towne East
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futureman said:
My vote is put in the rainy day fund. With the cuts coming down from the state level the city will need it.

+1

Posted 6 months ago #
Walker
The KLD / Downtown
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gramarye said:
Or we could recharge the rainy-day funds that we depleted during the last downturn. (Does anyone seriously think we're completely out of the woods and at no serious risk of a follow-on downturn?)

I agree that saving money in the rainy day fund is a good idea, but it's already been replenished to some extent after it was drained in 2009.

Last year, funds were allocated to bring it up to a reserve of $33M by the end of 2011 and up to $50M by 2014:

http://www.columbusunderground.com/additional-175m-committed-to-rainy-day-fund

Posted 6 months ago #
Walker
The KLD / Downtown
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hugh59 said:
$31.8 million? Let's hope the city does not commit itself to spending another $50 million so that it finds itself in the red again and needs to ask for more taxes.

City Auditor Hugh Dorrian is a solid guy according to everything I've ever heard about him from everyone. Fiscally responsible and level headed.

Posted 6 months ago #
Analogue Kid
5th by West-Northwest
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Walker said:
I agree that saving money in the rainy day fund is a good idea, but it's already been replenished to some extent after it was drained in 2009.

Last year, funds were allocated to bring it up to a reserve of $33M by the end of 2011 and up to $50M by 2014:

http://www.columbusunderground.com/additional-175m-committed-to-rainy-day-fund

Exactly, there really is some extra money to be spent here to improve the city.

Posted 6 months ago #
lazyfish

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let's buy an arena for a NHL team.

Posted 6 months ago #