Is it time to break open St. Petersburg's bulging piggybank?
ST. PETERSBURG — Mayor Rick Baker and his staff say St. Petersburg is cash strapped.
In recent years, they've pointed to declining property tax revenue to justify eliminating a summer job program for low-income teenagers, scaling back on support for local art and social services groups, and freezing pay that reneges on the city's union contracts.
The city's financial records paint a different portrait.
When times were good and property tax revenue skyrocketed, city officials squirreled away at least $70 million in savings, 35 percent of St. Petersburg's $206 million operating budget.
City Council members, mayoral candidates, union officials and taxpayers have all asked City Hall to take another look at St. Petersburg's bulging piggy bank — and break it.
Read story here.
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WHY does the city have over one third of the entire budget in reserve. This is our money and should be put to use to ease the budget crisis now. Yes we should have a reserve for an emergency, but a 35% reserve while we are laying off workers, cutting programs ,failing to live up to our contracts etc. makes no sense.
Posted by: Civic Activist | July 14, 2009 at 12:14 PM
I say put it all on Red and spin the wheel!
Posted by: Zen Master | July 14, 2009 at 12:53 PM
35% of city budget!
Kathleen Ford for Mayor
Her budget disperses portions of this hoard to public safety,taxpayers and honoring employee contracts.
Posted by: Since 1962 | July 14, 2009 at 04:47 PM
Vote NO to Ford.
Vote No to outrageous fatcat spending.
Vote YES to living within your means.
Posted by: Cut Spending like Drunks | July 15, 2009 at 10:00 PM