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Mayor Kasim Reed’s FY2018 Budget Adopted with Unanimous Vote by Atlanta City Council

Post Date:06/21/2017 7:00 PM

 Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303

Anne Torres, Director
404-330-6423, office
404-904-2618, cell
amtorres@atlantaga.gov

Jenna Garland, Press Secretary
404-330-6612, office
404-357-5579, cell
jgarland@atlantaga.gov

FOR IMMEDIATE RELEASE: June 21, 2017

News Release

Mayor Kasim Reed’s FY2018 Budget Adopted with Unanimous Vote by Atlanta City Council

FY18 Budget Includes Record Reserves Funding of $175 Million

ATLANTA – The Atlanta City Council voted unanimously today for the $649 million Fiscal Year 2018 budget proposed by Mayor Kasim Reed. The City’s total budget including both operational and enterprise funds is $2.1 billion. For the eighth consecutive year, the City has balanced its budget without tapping any reserve funds, and will enter this fiscal year with $175 million in reserves, the highest level of reserve funds in the City’s history, and a major achievement of fiscal stability.

“In the final budget of my administration, it’s clear that the actions taken in the last seven years to restore the City’s financial health and become a fiscally accountable and strong city are working,” said Mayor Reed. “This budget also shows our commitment to being a world-class, effective and efficient government, and we have done it without once raising property taxes. The FY18 budget sets the City of Atlanta on a course to make significant investments in public safety, infrastructure, and supporting our young people. I am proud of what we have accomplished, and thank Chief Financial Officer Jim Beard and my entire senior team for their leadership, and the Atlanta City Council for their partnership.”

The budget prioritizes investments in infrastructure and public safety, as well as unique programs and projects to support young people and quality urban design, including:

  • Allocation of $1,000,000 for a new Atlanta Police Department station in Zone 3;
  • $150,000 to demolish buildings, clearing the way for the construction of new police officer housing in partnership with the Atlanta Police Foundation and PulteGroup Homes;
  • $300,000 for youth athletic leagues through the Department of Parks and Recreation, designed to expand programs and accessibility for young people throughout the city;
  • More than $500,000 for the Department of Parks and Recreation for new programming and transport vehicles for senior citizens;
  • $2,000,000 for interstate gateway and beautification projects;
  • More than $500,000 for sidewalk and road improvements along the Memorial Drive corridor;
  • $400,000 for mosquito control and prevention to mitigate public health concerns including Zika and West Nile Virus;
  • $200,000 for a pedestrian area on Broad Street in downtown Atlanta, adjacent to the historic Flatiron Building;
  • $200,000 to Hosea Feed the Hungry to assist the organization in relocating to a new permanent headquarters facility; and
  • $180,000 for the development and release of an ATL311 customer service mobile app.

Other highlights of the Fiscal Year 2018 budget include a savings of over $18 million in new priority investments recommended by the Mayor’s Blue Ribbon Commission on Waste & Efficiency in Government. Most importantly, FY18 is the first year without any carrying costs related to Underground Atlanta. Had the City retained ownership of this property, the costs to the public would have exceeded $8 million, preventing the City from pursuing multiple new or expanded initiatives and programs.

“Under Mayor Reed’s leadership, for the eighth consecutive year we have produced a fiscally prudent budget which makes essential investments in public safety and city services without raising property taxes,” said CFO Jim Beard. “With this budget, we have reached a record level of reserves funding of $175 million, marking a major milestone in the City’s history. We have secured nine consecutive credit ratings increases over the course of this Administration. I am proud to say that Mayor Reed has not only stabilized the City’s finances, but has put the City in the strongest financial position in a generation.”

Since fiscal year 2010, the City has passed eight consecutive balanced budgets, earned bond rating upgrades across all the City’s funds and increased cash reserves from $7.4 million to $175 million, all without imposing property tax increases on Atlanta residents. This year, the City had already anticipated a rollback of the millage rate by .01 mills; any additional reductions will be made after receiving the final tax digest from Fulton and DeKalb counties.

The FY2018 budget takes effect on July 1, 2017. A full copy of the final budget will available by July 1 at www.atlantaga.gov/finance.

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For more information about the City of Atlanta, please visit http://www.atlantaga.gov or watch City Channel 26. Follow the City of Atlanta on Facebook and Twitter @CityofAtlanta. Follow Mayor Reed on Facebook and Twitter @Kasim Reed

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