June 13th, 2012 by WCBC Radio
In formulating the proposed FY 2013 budget, Cumberland City officials have prioritized addressing several crucial financial issues related to the city’s bond rating and unrestricted fund balance. The Mayor and Council is expected to approve the budget next week with the only real remaining issue being how much of an increase in the sewer rate to implement- however addressing the bond rating and fund balances has proven more complicated. City Administrator Jeff Rhodes said the chief objective is to increase the fund balance by at least $2 million to ensure the city’s financial stability- and that he expects the city’s fund balance to grow to more than $2.6 million during the 2013 fiscal year. Councilman Harold “Butch” Hendershot praised Rhodes and his staff in taking an aggressive approach in finding solutions to returning the city to a more stable fiscal position…
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