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Mayor Rob Rolison said Wednesday the city ended 2016 with a surplus in its general fund of $873,904, which is being used to reduce the city's cumulative fund balance deficit.
The city ended 2015 with a $1.9 million deficit, Rolison said. The city’s general fund deficit has now been reduced to approximately $11.9 Million.
Last year, Moody’s issued a “credit positive” statement about the city’s financial condition, saying its 2017 budget signaled a move towards “structural balance”.
In July the credit rating agency upgraded their outlook for the city from “negative” to “stable”.
"These financial results signal an improving ability to govern more proactively and to address more of the issues that have gone unattended in our community for far too long”, Rolison said.
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