Martinsville, Ind. – The City of Martinsville finished 2018 with a strong financial standing, similar to recent years.
Per a February report from Reedy Financial Group, the City’s accountants, the City of Martinsville closed a third consecutive year in a strong financial position under Mayor Shannon Kohl.
Noted in the report, the City “has seen some positive trends and has had some unusual circumstances occur” since Kohl’s administration took office in 2016.
In general, the City has increased its cash position since then, with some noteworthy items from the report being that:
- The Operating Funds has increased since 2015 – almost $1.9 million – allowing the City to achieve many day-to-day tasks and long-term efforts to improve the community in various aspects.
- The Rainy Day Fund was nonexistent prior to the Kohl Administration and now has almost $207,000 in it.
- Utilities have increased their cash position under the current administration, allowing for necessary equipment to be purchased and enabling improvements within the departments.
“I’m extremely proud of the things we’ve accomplished in the last three years and look forward to what we finish this year,” Mayor Kohl said. “This all is possible because we’ve presented a balanced budget yet another year.”
Much of the progress made and improvements to the financial position have been a result of a 3-year and 5-year financial plan, something Mayor Kohl made a top priority when taking office.
“I knew where our finances were coming in as Mayor,” she said. “I saw first-hand what 2016 was going to look like, which is why we made a big decision to decrease how much we were over budget.”
Mayor Kohl’s impact on the City’s finances started when she served on the City Council in 2015, alongside President Eric Bowlen.
In the fall of 2015, the City was over budget by $1.8 million. That’s when Kohl and the City Council stepped in and cut the budget by $1.6 million, leaving the deficit at $200,000, which she inherited when her administration started.
Shortly after taking office, Mayor Kohl pushed to do what she could to change the financial standing, including talking with department heads to ensure the City was doing everything it could to present a balanced budget moving forward.
Now, with three consecutive years of balanced budgets under its belt, the City of Martinsville has a Long- Term Capital Improvement plan in place and has increased the cash position about $1.8 million in the last three years.
It raised nearly $4.0 million for improvements, projects and equipment, all with little impact to the tax rate, which has stayed nearly level since 2015.
Per the report, the City’s cash position is “healthy and continues to improve” and “the long-term outlook is positive based on the current plans and financial position.”
For questions or interview requests, contact the Mayor’s Office at 765-342-2861.