News release from Greater Fort Wayne Inc.:
Greater Fort Wayne Inc. supports Fiscal Policy Group’s recommendations
(May 21, 2013) – The Transition Board of Greater Fort Wayne Inc. has announced its support for the recommendations brought forward by Mayor Tom Henry’s Fiscal Policy Group.
“Greater Fort Wayne Inc. appreciates the City’s commitment to developing a long-term, sound fiscal policy,” said Mike Packnett, chairman, Greater Fort Wayne Inc. Transition Board. “Another important factor in our support is the opportunity to fund annual capital improvements for streets, roads, and parks facilities on a pay-as-you-go basis, rather than borrowing money.”
The Fiscal Policy Group was created in 2012 to develop strategies to combat looming budget issues faced by the City of Fort Wayne. Property tax caps implemented by the Indiana General Assembly have resulted in a loss of $53 million in revenue to the City since 2009. The group was tasked with gaining a full understanding of fiscal conditions and identifying financial options available to the City. The group developed a framework of ideas that could save money and bring additional revenue to the City. The framework of ideas can be accomplished while maintaining services that citizens have come to expect. The recommendations are now being considered by City Council.