Kokomo Underspends 2015 budget by 8%; City ends with operating surplus for eighth consecutive year

The City of Kokomo is heading into 2016 with a strong financial foundation. According to an internal audit of the City’s finances, the City of Kokomo underspent the 2015 budget by 8% or $5.1 million. 

The savings were achieved while the City simultaneously funded major capital improvement projects like Kokomo Municipal Stadium, trail improvements, and a $3 million donation for the new YMCA. The City also expanded services by launching a new comprehensive curbside recycling program. 

“We were able to reduce our operating costs while investing in quality of life improvements, redeveloping the city’s streetscapes, and attracting new businesses,” said Kokomo Mayor Greg Goodnight. “Kokomo stands out as one of the few Indiana cities that is growing and maintaining its cash reserves.” 

This data coincides with a recent report by the Indiana Fiscal Policy Institute that examined the “Overall Fiscal Health” of 18 of Indiana’s largest cities. The report determined that Kokomo fared better than expected and outperformed most of its peer cities. 

Sources:

Indiana Fiscal Policy Institute, “The Fiscal Health of Indiana’s Larger Municipalities