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Glendale’s finance director calls for doubling reserves

The hand of a broker is seen next to a calculator at Multiva Bank in Mexico CityBy Caitlin McGlade | The Republic | azcentral.com

Glendale’s finance director has plans to rebuild the city’s cash reserves beyond what is required by current policy.

Financial Services Director Tom Duensing wants the city to nearly double its reserves, or savings, over the next five years.

This could be achieved by slashing expenses or increasing revenue by about $20 million next fiscal year, he told the City Council in a budget meeting on Feb. 4.

Duensing said the city would need to cut or find revenue for another $10 million in the following fiscal years.

The figures assume the city allows a 0.7 percentage point sales-tax hike to sunset in 2017, which has been open to council debate in recent weeks.

Continued: 

Related: Study: Projection for sports venues $5.7 mil short

$30 million upgrade complete on Peoria Sports Complex

Phoenix City Council Sound Off: Predicted deficit raises hackles

 

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