What is the City’s Surplus? Can’t We Just Buy a Firetruck?

In a previous post (Issue 24 – Request For Questions) I asked for resident questions about the upcoming Issue 24 on this November’s ballot. I will be posting the questions I received with the answers. Please send questions to me at gregbellantwinsburg@gmail.com or send them via the contact form.

Questions and Answers

Question

I have been under the impression that historically, Twinsburg has had a surplus in their bank account going back to the Mayor Procop days. Meaning, the income tax revenue collected exceeded the expenditures for the city year after year. I have heard number in the area of $20 – $30 million in surplus. Couldn’t we spend that money for a $900,000+ ladder truck instead of increasing millage? With that much surplus, Twinsburg could payoff the remaining clubhouse debt too? How much is currently in the surplus as of 2020 and how does that compare to 5 to 10 years ago?

Answer

The line drawn is when we lost the .25% and began using up the General Fund reserves built in the years the .25% was collected.

The City is committed to maintaining/protecting the remaining General Fund balance.

From 2014 – 2019 the General Fund has transferred $11,771,621.76 in support to the Capital Improvement Fund.

General Fund Ending Balances

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