The city of Atlanta recently announced that it has reached a record high $175 million in reserves funding.
City officials said in January 2010, when Mayor Kasim Reed came into office, Atlanta had $7.4 million in reserves, in addition to almost $50 million in the red with its annual budget. In a statement, Reed said he set a goal at that time of reaching $175 million in reserves, the largest in the City of Atlanta’s history.
Over that time period, the city said it has passed seven consecutive balanced budgets without a property tax increase and has not initiated any water rate increases. The city of Atlanta also has received nine credit ratings upgrades.
A number of cost-saving strategies were identified through the Blue Ribbon Commission on Waste & Efficiency in Government that Reed appointed in 2014, the city said. Atlanta has closed on the sale of Underground Atlanta to WRS Inc., resulting in an estimated savings of $8 million a year. The city has also recently closed on the sale of the former home of the Atlanta Braves, Turner Field, to Georgia State University and real estate developer Carter.
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