Georgia city closes out 2017 budget with $10M surplus
SAVANNAH, Ga. (AP) — A Georgia city has closed its 2017 budget with a $10 million surplus.
The Savannah Morning News reported Wednesday that City Manager Rob Hernandez said the surplus stemmed from a combination of about $5.2 million in revenue coming in higher than expected along with about $4.7 million below budgeted amounts after the city’s hiring freeze last year.
Hernandez says majority of the growth was from elastic revenues such as lodging and sales taxes.
Hernandez says the budgeting numbers are a bit more optimistic in 2018 than they were when they put together the 2017 budget.
The city is now planning several things including providing $2 million in funding needed to complete the new Cultural Arts Center and paying for security upgrades following a recent computer malware attack.
Information from: Savannah Morning News, http://www.savannahnow.com