Following the depletion of the City’s Rainy Day Fund in 2009 and the income tax increase passed in August of that year, Mayor Coleman is sticking with the promise to voters that the fund will be replenished. An additional $7.5 million will be added this year and another $10 million in 2011, bringing the Rainy Day Fund back up to a reserve of $33 million.
“I applaud the mayor for his commitment to replenishing our Rainy Day Fund,” said City Auditor Hugh J. Dorrian in a press release issued yesterday. “A strong savings account is one reason the City of Columbus has been repeatedly recognized as one of the most credit-worthy cities in the nation.”
The target set for the Rainy Day Fund is $50 million by the year 2014. The full 2011 Budget for the City of Columbus will be presented by Mayor Coleman to City Council on November 15th for review and approval.