City Council held first reading tonight on an ordinance authorizing mid-year adjustments to the City’s 2018-2019 budget. The ordinance outlines how approximately $5 million will be spent to supplement ongoing City initiatives and further City Council objectives. The adjustments utilize a portion of the funds available in excess of the City’s 20% required reserve, and according to Mayor Knox White, City Council is employing them strategically to address priority issues and leverage millions of federal dollars.
“Our healthy fund balance allows us fiscal flexibility as we continue to address growth-related issues such as public transportation, affordable housing and neighborhood infrastructure,” said Mayor White. “By being very deliberate in how we spend the funds, we are ensuring that our community will receive a significant return on its investment.”
Second reading of the ordinance is scheduled to take place at the November 12 City Council meeting.