The City of Kokomo is heading into 2015 on solid footing. According to an internal audit of the city’s finances, the City of Kokomo underspent the 2014 budget by 8% or $5.2 million.
The savings were achieved as the City funded three major capital improvement projects: a $9 million parking garage, which it paid-off five years early, $1M donation for the YMCA and finished renovating City Hall.
“If you subtract just these three capital projects from the total, we actually spent less to operate the city than was spent in 2007,” said Kokomo Mayor Greg Goodnight. “We were able to reduce our operating costs while investing in the expansion of the Industrial Heritage Trail, redeveloping the city’s streetscapes, and attracting new businesses. Kokomo stands out as one of the few Indiana cities that is growing and maintaining its cash reserves.”
The City of Kokomo ended 2014 with $10.2 million in cash reserves. 2014 marks the seventh consecutive year that the city ended with an operating surplus.
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