City revenues improving but slow
The City of Wichita Finance Department on Tuesday released the third quarter financial summary, reporting that the local economy appears to have bottomed and appears to be slowly recovering. Wichita’s economy tends to lag nine to 12 months and a sluggish but improving economy is expected through 2010, Finance Director Kelly Carpenter said.
“We’re recovering but we haven’t recovered,” Carpenter said adding that the City would monitor resources through the remainder of the year, hold open positions that aren’t public safety jobs, reduce seasonal part-time hiring and recapture fuel savings.
The financial overview, which was provided by Finance Director Kelly Carpenter, reviews the first nine months, forecasts year-end performance for 2009 and provides a preliminary outlook for 2010.
The 2009 budget encountered a revenue shortfall of nearly $6.5 million due, in part, to weaknesses in sales and gas tax and other revenues. In April, the Wichita City Council directed staff to close the deficit by reducing staff, trimming operating costs and imposing other cuts. Carpenter also reported that the City has deferred $2.5 million in additional street maintenance and should end the year with a balanced budget. Additional street maintenance dollars are included in the 2010 budget.
The report, which was presented during the regularly scheduled City Council meeting, is available at www.wichita.gov; residents may obtain a printed copy by contacting the Finance Department at 268-4651.
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