Atlanta adds $119M to cash reserves in 2 years

by: Dave Huddleston Updated:

Despite challenging economic conditions, Atlanta has managed to add more than $100 million to its cash reserves in two years.

In 2010, the city’s reserves were just $7 million, but new numbers show they grew to $126.7 million in 2012. Mayor Kasim Reed made the announcement Monday, saying the city has cut unnecessary expenses and invested in public safety.

“We have sensibly managed our finances, hired more than 700 police officers and expanded services for our residents. And we have done all of this without raising property taxes and having a balanced budget every year,” Reed told Channel 2’s Dave Huddleston in a one-on-one interview. “Atlanta's fiscal house is in order, and we will continue to make substantive strides which make the city stronger." 

Reed said he has no plans to lower property taxes, but he won't increase them either. 

“I’m not raising taxes, but nor am I going to do something as irresponsible as cutting them right now. We’re not in a strong enough position right now to do that,” he said.

He also said he will think about a pay raise for city workers.

“I’m going to have a conversation with the leaders of the employee groups sometime this month, but we didn’t get here by mistake, and the one thing we can’t do right now is become happy because we’re surviving,” Reed said.



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