Sunny outlook for Columbus, OH rainy-day fund (Columbus Dispatch)

January 10, 2013 – Flush with cash from higher-than-expected tax revenue to close out 2012, the Columbus (Aaa / 1994913N9) City Council plans to sock $3 million more into the city’s rainy-day fund this year. The deposit, announced yesterday, comes on top of $10 million Mayor Michael B. Coleman budgeted for the rainy-day fund this year. By the end of this year, the city will have $53 million in savings, about 7 percent of Coleman’s proposed budget of $766 million. Coleman called for the city to continue increasing its rainy-day fund to $75 million by 2018 during his budget proposal in November. He noted that the city spent $91 million in reserves from 2003 to 2009 during economic recessions that nearly depleted the fund.

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