Politics & Government
City Officials Say Carmel Showed Fiscal Strength in 2020
The city had more than $70 million in its fund balances, $56.8 million of which were unencumbered funds, as of Dec. 31.
March 4, 2021
For the fiscal year ended December 31, 2020, the City of Carmel had more than $70 million in its fund balances, $56.8 million of which were unencumbered funds, or unspent budget dollars, a sign of fiscal strength. The General Fund balance closed the year with $11.1 million, an increase of $200,000 over the prior year. The Rainy Day Fund balance remained unchanged at $11.2 million.
Find out what's happening in Carmelfor free with the latest updates from Patch.
“We work very hard to manage the city’s finances prudently. We approach the budget process much like the private sector in that we perform budget forecasting 20 years out to ensure that we can accomplish our goals and keep our tax rate among the lowest in the state,” said Mayor Jim Brainard.
As indicated in the City Council approved budgets, 2021 was less than 2020 by $2.5 million. Unspent budget dollars, due to City Departments’ reduced expenditures, produced savings that remain in the General Fund.
This press release was produced by the City of Carmel. The views expressed are the author's own.