COLUMBUS (WCMH) — City Auditor Megan Kilgore says the city of Columbus’s projected revenue for 2021 has increased by $63 million.
The adjusted projection marks the first time in Columbus history that the city has an estimated $1 billion in resources, according Kilgore.
In a letter to Mayor Andrew Ginther, City Attorney Zach Klein and Columbus City Councilmembers on Friday, Kilgore outlined the reasons for increase in projected revenue for 2021.
- The federal government’s stimulus payments, which raised Ohioan’s’ personal income by 14.6% in the first quarter of 2021;
- A higher-than-anticipated revenue stream from income tax collections;
- An increase in Local Government Fund revenue of approximately $2.1 million;
- An increase in Casino Tax Revenue of $3.5 million;
- A refund from a City Internal Service Fund of $3.5 million.
“Financial forecasting during a pandemic has proved to be challenging for not only Columbus, but every municipality throughout the country,” Kilgore said in a statement. “Each day it seemed circumstances throughout the City were changing as businesses and workers adjusted to their ever-changing situations.”
Kilgore said $2.4 million was added to the city’s Rainy Day Fund, which was not used in 2020 or 2021, bringing the total to $87.5 million — the highest level of reserves in the city’s history, according to Kilgore.