Terre Haute is making gradual, but steady improvement towards reducing its deficit.
The council presented an update to the city’s Comprehensive Financial Plan during a special meeting last night.
Municipal financial advisor Umbaugh and Associates proposed the plan last September. The goal is to tackle the city’s nearly $8 million deficit by reducing the city’s budget and reallocating funds to areas in need.
City Council president Curtis DeBaun says he anticipates the city’s financial growth to continue over the next few years.
“Truthfully, things are getting better in a lot of ways, if you look at our financial situation at the end of 2015 to where we are now, you would see that we’ve made significant improvements,” says DeBaun.
DeBaun says the council does not plan to impose any additional fees or taxes on residents to help improve the deficit.
Despite this, the Vigo County Council will vote next week on a potential local income tax to help fund a new county jail. If approved, a portion of the revenue would go toward the city and the public safety budget.
“Ultimately the city with or without that extra money will continue to improve. Of course, it will be faster if that passes, but if it doesn’t, were still on course to be in a better situation,” says DeBaun.
The city’s 2018 fiscal year budget included $2 million in cuts.
The council will continue to review the financial proposal and vote on the next budget plan in October.
A public hearing regarding the budget is scheduled September 6th.