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Maintaining Strong Record of Fiscal Responsibility, Cuyahoga County Closes 2013 With $3.5 Million Surplus
Media contacts:
Rich Luchette: (216) 797-0931 or rluchette@cuyahogacounty.us
CLEVELAND ‐ Cuyahoga County Executive Ed FitzGerald today announced that the County's General Fund closed 2013 with an estimated operating surplus of $3.5 million that brings the Fund's total cash reserves to $186.9 million ‐ 53% of the total amount of the County's annual operating expenditures and significantly higher than the 25% level required by the County’s reserve policy.
“Cuyahoga County's strengthened financial position means that we are able to address the challenges we face and continue providing quality, effective services for our constituents," said FitzGerald. "I thank the members of our County Council for their collaborative effort to support these goals, and I look forward to working with them to further strengthen our long-term solvency."
The Cuyahoga County Office of Budget and Management initially projected a $15.4 million operating deficit for 2013, but the County achieved a preliminary $3.5 million surplus in large part because actual operating expenses were $17.2 million (4.7%) lower than anticipated. Cash reserves for the Health and Human Services (HHS) Levy Fund sit at $34.1 million – 16.3% of ongoing operating expenditures. When combined with the General Fund, total cash reserves for these major operating funds now exceed $220 million.
FitzGerald has repeatedly underscored the importance of maintaining strong fiscal management since he first took office in 2011. Under his leadership, Cuyahoga County has become the only county in the State of Ohio to establish a two‐year budget development process that continues to fund the critical needs and initiatives of the County while maintaining strong reserve levels.
Rich Luchette: (216) 797-0931 or rluchette@cuyahogacounty.us
CLEVELAND ‐ Cuyahoga County Executive Ed FitzGerald today announced that the County's General Fund closed 2013 with an estimated operating surplus of $3.5 million that brings the Fund's total cash reserves to $186.9 million ‐ 53% of the total amount of the County's annual operating expenditures and significantly higher than the 25% level required by the County’s reserve policy.
“Cuyahoga County's strengthened financial position means that we are able to address the challenges we face and continue providing quality, effective services for our constituents," said FitzGerald. "I thank the members of our County Council for their collaborative effort to support these goals, and I look forward to working with them to further strengthen our long-term solvency."
The Cuyahoga County Office of Budget and Management initially projected a $15.4 million operating deficit for 2013, but the County achieved a preliminary $3.5 million surplus in large part because actual operating expenses were $17.2 million (4.7%) lower than anticipated. Cash reserves for the Health and Human Services (HHS) Levy Fund sit at $34.1 million – 16.3% of ongoing operating expenditures. When combined with the General Fund, total cash reserves for these major operating funds now exceed $220 million.
FitzGerald has repeatedly underscored the importance of maintaining strong fiscal management since he first took office in 2011. Under his leadership, Cuyahoga County has become the only county in the State of Ohio to establish a two‐year budget development process that continues to fund the critical needs and initiatives of the County while maintaining strong reserve levels.
