Mayor Graham Richard and City Controller Deanna Wilkirson announced that the City's financial condition is strong. In contrast to the trend of serious financial problems in the state and federal governments, the City's finances are sound.
The City has accumulated a cash balance of $17.4 million (for the property tax supported funds). During the Richard administration the cash balance has increased by $7.6 million.
By employing strict financial management tools, we have not only been able to keep Fort Wayne financially secure, but we have also increased services to residents. We are completing more road construction than ever before, improving the City's technological infrastructure and making major strides in public safety and homeland security.
This cash balance is necessary to ensure the City will be able to meet up with the up-front costs of annexation, to help withstand any negative impact on the City's Budget from the State Legislature's recently passed tax restructuring bill, and the federal match for homeland security.
The City was able to accumulate this sizeable safety net through stringent fiscal accountability, cooperation of all the City's Department Heads who have tightly managed their budgets, and the support of the City Council.
Part of being a safe city is making sure that we can meet our financial obligations. In a time where major companies in the United States are being scrutinized for their accounting policies our City is making sure we are accountable. This cash safety net allows us to be prepared for a bright future.