DeKalb Projects $103 Million Rainy Day Fund

DECATUR, Ga. – DeKalb CEO Michael Thurmond announced today that the county’s projected FY2018 fund balance has reached $103 million. The increase is nearly two months of reserves to finance county operations.

“DeKalb has a growing economy that requires a financially stable government that people can trust,” said CEO Thurmond. “The fund balance is insurance against economic downturns and allows us to plan effectively for future needs.”

In FY2017 the county eliminated a structural deficit of $24.7 million, balanced the budget and continued to build the rainy day fund. FY 2018 began with an $81 million fund balance, which is projected to increase by 27 percent.

CEO Thurmond’s proposed FY2019 budget will be presented to the Board of Commissioners by Dec. 15. The Board will vote on the final budget by Feb. 28, 2019.

Thurmond pointed to key milestones that demonstrate the county’s commitment to financial stability:

• During the next six years, DeKalb County homeowners will receive an estimated $660 million in property tax relief. The tax cut is the result of the passage of two measures in November 2017—the Equalized Homestead Option Sales Tax (EHOST) and the Special Purpose Local Option Sales Tax (SPLOST).
• DeKalb County's Comprehensive Annual Financial Report was delivered on time and without material weaknesses for the first time in six years.  The county also eliminated five areas of deficiency from findings documented in the fiscal year 2016 audit.
• Two major rating agencies recently rated DeKalb’s financial outlook as positive and reflects the financial future will continue to improve.

###