Portage officials said the city’s financial situation continues to improve. Secretary and Treasurer Nina Rivas said federal coronavirus funds helped reduce the amount the city had to borrow through temporary loans.
“Over the past three-and-a-half years, the city has had more than $22 million in cash flowing into it, and while it doesn’t have the money to spend it, this shows just how severe the city’s budget deficit has really been going into 2020. ,” Rivas told the city council on Tuesday.
He said the city had to borrow about $10.7 million in tax anticipation warrants in 2019, but it’s now down to $2.4 million.
At the same time, Portage saw a significant increase in local income tax revenue. Rivas said the city’s latest addition totaled about $738,000, almost four times more than in previous years.
“The Budget Committee has decided that they want to send the entire Congress to give them the park. [department] $300,000 of that additional LIT distribution,” Rivas added.
Mayor Sue Lynch said the city’s redevelopment commission is also more accountable for spending. Thanks to that, we were able to donate $75,000 each to the police, fire and park departments.
“When you have a healthy redevelopment committee and use the money the way it’s supposed to, this is what happens,” Lynch told city council members.
But Portage continues to owe at least some money. The city recently issued approximately $5.8 million in bonds to pay for the facility. The goal is to save some of the city’s Federal America Relief Plan funds for other uses.
