Flint reports deficit is down, cash flow is up
Fri, 04 Nov 2011 13:02:35 GMT —
The City of Flint says their finances have improved, saying the deficit is down and the cash flow is up.
The City of Flint Finance Department says the Fiscal Year 2011 end-of-year close and combined operating deficit is calculated at $7.34 Million (unaudited). Flint says this is down from the projected $14.63 Million when the budget was adopted in June 2011.
"It shows that our savings, our personnel reductions, what we are doing here at the city, the savings are starting to add up and you can see it on the books," said Mayor Walling on Friday.
The city also predicts the cash flow balance to be above $10 Million through September 2012.
In a release, Finance Director Michael Townsend stated, Spending has been reduced when recent months are compared with 2010 and other years. Additional revenues from income taxes and state-shared revenues are also positive. This adds up to a stronger cash flow for the City of Flint.
While the financial outlook appears to be improving, the city does say they are still faced with restructuring golf, janitorial and sanitation services, contract concessions from public safety unions, and departmental reforms for efficiency.
You can read the Fiscal Year 2011 financial report by clicking here.
What do you think has helped most to reducing the deficit? Leave us your comments below.