Post by jean on Aug 24, 2015 15:42:17 GMT -5
Council bristles at lack of details from budget talks
Posted: Monday, August 24, 2015 2:50 pm
By Boris Ladwig Daily News
Councilman Glenn Tebbe said he harbored “some frustration or disappointment” because the council had not received the same level of detailed information concerning city finances as it had in the past.
He said he was surprised to read in the Daily News that the city in three of the last four years had spent more money in the General Fund than it collected in revenues.
High employee benefit costs have busted the city’s budget in the last two years and have forced the city to draw down its cash reserves, according to Gateway Indiana, which collects financial information from local officials. When city spending exceeds revenues, it’s akin to a family that spends more than it earns.
The city has a cash balance to cover any shortfalls, but those reserves have been declining. At the end of 2012, the city had more than $1 million remaining in its reserves. By the end of 2014, the balance had declined below $380,000.
www.greensburgdailynews.com/news/local_news/council-bristles-at-lack-of-details-from-budget-talks/article_e7106a4c-6c79-57fa-8ce6-201d94b75835.html
Posted: Monday, August 24, 2015 2:50 pm
By Boris Ladwig Daily News
Councilman Glenn Tebbe said he harbored “some frustration or disappointment” because the council had not received the same level of detailed information concerning city finances as it had in the past.
He said he was surprised to read in the Daily News that the city in three of the last four years had spent more money in the General Fund than it collected in revenues.
High employee benefit costs have busted the city’s budget in the last two years and have forced the city to draw down its cash reserves, according to Gateway Indiana, which collects financial information from local officials. When city spending exceeds revenues, it’s akin to a family that spends more than it earns.
The city has a cash balance to cover any shortfalls, but those reserves have been declining. At the end of 2012, the city had more than $1 million remaining in its reserves. By the end of 2014, the balance had declined below $380,000.
www.greensburgdailynews.com/news/local_news/council-bristles-at-lack-of-details-from-budget-talks/article_e7106a4c-6c79-57fa-8ce6-201d94b75835.html