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City’s Rainy Day Fund Grows to $4.95 Million

October 13, 2010
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10/14/10 City Attorney Nelson Chipman presented a resolution to the Plymouth Common Council requesting a transfer of funds into the City’s Rainy Day Fund.  The transfer was in the amount of $850,000 from the general fund to the rainy day fund.

Chipman told the council, “The city is in an enviable position to be able to present a request to put money into this fund.”

Chipman told the board that the National League of Cities estimated 500,000 public sector workers will lose their jobs in the next 18 months, and over the next two years cities and towns will see revenues decline $56 billion to $80 billion.  He closed by saying, “In light of all that is happening in Indiana as well as the nation, this is a very prudent move.”  He continued by saying, “We are fortunate to have money that was not spent in previous years to be protected for a real rainy day.”

With this transfer the City Rainy Day Fund has grown to a total of $4.95 million.

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