Fiscal Strength of Carmel Remains Strong in 2014

Carmel emerged with money in the bank in 2014, due to strong fiscal planning and despite struggles felt by many other cities across the country.

At the end of 2013, the General Fund Balance was $1.8 million. Strong management of the city’s money and spending has allowed Carmel’s taxes to remain low, while providing excellent city services to residents.

I have always made the prudent management of the city’s finances a priority. I ask my directors to approach the budget process just like the private sector in that we perform budget forecasting 10 years out. This helps ensure that we can accomplish our goals and keep our tax rate among the lowest in the state.

Carmel's fiscal strength is evident in the city’s long-term rating for a bond sale; Carmel was affirmed as AA+ by Standard and Poor’s (S&P) Corporation based on its strong economy and budgetary management. The S&P report stated: “We view Carmel’s management conditions as strong, based on good financial management practices.” When going through the budgeting process, the city reviews several years of historic trends and consults with financial professionals as well as local businesses and government officials. 





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