Monday, January 7, 2013

Reed: City's cash reserves have grown to 'more than $126 million'

Posted By on Mon, Jan 7, 2013 at 12:43 PM

Mayor Kasim Reed announced today that Atlanta's cash reserves currently exceed $126 million, a 17-fold increase from $7.4 million when he took office in January 2010.

The city's reserve fund has steadily increased throughout Reed's mayoral tenure. Last spring, he continued along that path by allocating nearly $14 million of his budget to that fund in an effort to restore "fiscal stability to the city."

"Despite challenging economic conditions, we have cut unnecessary expenses and invested in public safety and our city's young people," Reed said in a statement today. "We have sensibly managed our finances, hired more than 700 police officers and expanded services for our residents. And we have done all of this without raising property taxes and having a balanced budget every year. Atlanta's fiscal house is in order and we will continue to make substantive strides which make the city stronger."

Jim Beard, Atlanta's chief financial officer, added that the fiscal house that Reed built city currently maintains its unrestricted reserves at 20 percent of its annual budget. As a result, that has allowed his finance team to look forward towards possibly tackling "other critical needs of the City such as long-term investments in infrastructure."

While Reed's announcement didn't elaborate on many specifics regarding the city's cash reserves, Peach Pundit pointed out in a recent post that the mayor could offer more details when he speaks about his 2013 goals at the Atlanta Press Club this Thursday.

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