Mayor Swearengin Issues Statement on Deficit Fund Balance Payoff
FRESNO, CA – Mayor Ashley Swearengin today announced that the internal borrowing to address associated deficit fund balance for the City of Fresno has been repaid five years ahead of schedule.
“This is certainly cause to celebrate, and a total validation of our shared sacrifice. I am truly thankful for the patience of our residents and the efforts of all our City employees to help us retire this debt and start building a reserve while balancing the budget,” said Mayor Swearengin. “While we still have fiscal challenges in front of us and much work to do in order to restore service levels, I’m confident Fresno is on the right track as long as we stay committed to our fiscal plan.”
In Fiscal Year 2010 the deficit funds for the City of Fresno totaled $36 million including General Fund and non-General Fund. Over the past four years, the City has been making incremental payments using General Fund revenues and other sources to reduce the negative balances of both debts. As a result, the non-General Fund negative balances were paid off by Fiscal Year 2013, while the remaining General Fund negative balances were paid off in July.
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