Kokomo Underspends 2016 budget by 12%; City ends with operating surplus for ninth consecutive year

The City of Kokomo is heading into 2017 on a solid financial ground as it underspent its 2016 budget by 12%. The City spent $1.6 million less in 2016 than it did in 2015.

The savings were achieved while dealing with a large increase in employee healthcare costs and the cleanup from the August tornadoes. The City also completed its first full year of curbside recycling, purchased a new fire truck, and demolished more than 75 homes through its Blight Elimination Program.

“We were able to reduce our operating costs while facing the challenge of a natural disaster in August and still maintaining our quality of life initiatives,” said Mayor Greg Goodnight. “Kokomo’s fiscal health remains strong as we start the new year.”

This data coincides with a 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