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Ottawa plans to dip into their reserves to balance budget

Posted by wlpo on April 7, 2010

For the second straight year, the city of Ottawa will be operating in the red.

          The Ottawa City Council Tuesday night placed on file the Fiscal Year 2011 Budget which starts May 1st.  The budget deficit for the new fiscal year is $636,000, meaning the city will dip into its cash reserves to make up the deficit.  On the bright side, the city won’t have to use as much cash reserve as the current year which is operating with a million dollar deficit.

          Mayor Bob Eschbach says they will still have at least $2 million in their cash reserves after dipping into the fund for the upcoming fiscal year.

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