10 TV: City Auditor Hugh Dorrian blames excessive spending by City Council for Columbus' dwindling rainy-day fund. A report exclusively obtained by 10TV News reveals that the fund's balance has plunged to $15 million, far less than the projected $80 million shortfall the city is facing…
The auditor said the current national economic crisis would have been easier for the city to manage had spending been kept under control during the past decade. Dorrian believes the city's finances are so bad, City Council will have no choice but to institute fees and ask voters to raise taxes.
Dorrian said without more revenue, the city will have to continue cutting police, firefighters and other services. Next week, Dorrian will tell City Council it will have $13 million less to spend than previously thought.
The auditor said the reduction is the result of drops in income tax revenue, interest on investments, and funds from the county and state. Dorrian's report on the rainy-day fund will be officially released next week.
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