News and Tribune

February 22, 2013

Mayor says New Albany in a ‘strong financial position’

Gahan: 2012 spending 3 percent less than budget

By DANIEL SUDDEATH
daniel.suddeath@newsandtribune.com

NEW ALBANY — According to Mayor Jeff Gahan’s administration, spending for 2012 came in below the budgeted $18.7 million. 

Year-end financial reports indicated general fund expenditures were about 3 percent less than the 2012 budget. The administration said 2012 was the first time in eight years that spending was less than the budgeted amount for the general fund. 

However, the city’s $18.7 million budget for 2012 was a greater amount than in recent years, including being about $3 million more than the 2011 version. Also, the 2013 budget was approved for $20 million, up more than $1.2 million from last year. 

Due to rollover expenses and budget shortfalls, the council had to appropriate about $4 million in additional funds in 2011 to balance spending. 

Gahan said the 2012 numbers indicate the city is in a favorable financial position, and added the recreational projects on the table, including an aquatic center and a multiuse sports complex, will help New Albany continue to strengthen its monetary standing.

“It is time to reinvest in our community and its future,” Gahan stated in a press release. “Our quality-of-life projects play a crucial role in keeping our city competitive with our neighbors.”