Columbus City Council Plans To Add Millions To Rainy Day Fund
Columbus City Council plans to invest another $3 million in an emergency fund.
The extra money is on top of the $10 million set aside in Mayor Michael Coleman’s proposed budget.
The contribution would surpass the city’s goal of restoring the city’s rainy day fund to $50 million by 2014.
Officials said that the city’s intention is to have $75 million in the fund by the end of 2018.
“We think it is so important that we can put these dollars aside, so we can continue to pay for those police and fire classes and continue to provide those services that our citizens have come to enjoy,” said Priscilla Tyson, city council’s finance chair.
Columbus created the rainy day fund in 1988 and first withdrew from it in 2003.
In 2009, the fund dipped below the $10 million mark.
After voters approved a tax increase, city council members vowed to start stashing more money away for the future.
Council members planned to vote on the new rainy day funding on Monday.
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