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The most important part of my State of the City message each year is the report on city finances. In my talk to seniors on Feb. 12, I assured them that Berea’s finances are in excellent shape.
In fact, the general fund balance for 2018 shows a $489,889 increase over 2017, when there was a $3 million carryover. The balance is triple what is was in 2008. This doesn’t mean we’re rolling in dough. It means we’ve managed taxpayers’ dollars well.
We did not see an increase in revenue last year and we did not expend more money than we received. We also didn’t borrow any money. At the same time, we decreased our debt by $2.8 million.
Berea’s bond rating remains at Aa2, which is very good and allows the city to borrow money or rollover debt at rates as low at 1.5 percent. Moody’s Investor Services, which sets our credit score, noted that Berea’s “credit position is of very high quality.”
This has enabled us to invest more than $60 million in roads, water, sewer, parks and other improvements. We’ve also received more than $17 million in grants. Projects have included $6 million for Fair Street, $1.25 million for sewer line rehab, $850,000 to complete the Coe Lake project and to pave the municipal parking lot behind City Hall, $650,00 for the annual road program, $185,000 to expand and improve Mucklo Park, $170,000 for Dora Lee Payne park plus another $150,000 for the Dora Lee Payne parking lot.
Upcoming for 2019 is $600,000 for the Lindbergh/Abbeyshire repaving and $3 million in grants and loans to rehab sewers and pave Kraft Street. The City also has received a $250,000 grant to pave West Street in 2020.
We have not increased taxes or raised water rates.
The City has been fiscally responsible, putting revenue right back into the community.