Alexandria ends fiscal year with nearly $10m surplus
While other places are battling budget shortfalls, the City of Alexandria will end the fiscal year with almost $10 million in surplus. The acting city manager wants to use that money to invest in emergency response.
Acting City Manager Bruce Johnson told the city council reported that Alexandria closed out FY 2011 on June 30 with an operating surplus of $9.8 million, just under 2 percent of the total operating budget.
The unexpected surplus comes from $5.57 million in savings and $4.26 million in revenues that were higher than anticipated, the city said.
Johnson recommended the city council set aside $6.7 million to protect against economic uncertainty and future revenue shortfalls. He said the remaining one-third could be used to pay for emergency response to the recent earthquake, hurricane, and flooding; save for future emergencies; and improve equipment and training for first responders.