By DPM
The City of Inglewood is in the black. A report on the fiscal year 2023-24 Consolidated Budget overview shows that the city has a projected balance of $6,866,742 and a Standard & Poor’s rating from AA- to AA which is the highest credit rating an entity can receive.
City Manager Artie Fields and Budget Manager Keauonna Stovall-Buckhanon presented the annual budget review in chambers, outlining the city’s financial solvency and how far it has come to have a high budget surplus and S&P rating of AA.
“The proposed fiscal year 2023-2024 consolidated budget is an affirmation and extension of the city’s remarkable progress to achieve durable health and stability,” said Fields.
“The previous fiscal years operating budget was notable for the fact that it was the first budget in over a decade that was not dependent on reserves or bond proceeds to achieve balance. This year replicates that and expands on that success,” added Fields.
The following highlights the General Fund Proposed Budget:
Projected Revenues are $209,805,503
Projected Expenditures are $202,938,761
Projected Fund Balance is $6,866,742
Unassigned General Fund Reserves is $101.1M
Mayor James Butts, Jr. pointed out that this report demonstrates that the city has been misrepresented as operating with a deficit.
“What has actually happened is since fiscal year 2019-2020, we’ve had a positive fund balance every one of those years,” said Butts. “That’s very important because we’ve had a lot of people, both from the public and someone who was supposed to know better, say that the city was in dire financial situation .” “Which is amazing that we went through the Covid years; considering the fact that we were rebuilding the city’s finances,” he said, adding “that’s an amazing, amazing thing” because when he took office, their low credit rating prevented them from getting money for large renovations.
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City Council 9-19-20 by DPM
If you think there are too many fast-food restaurants in Inglewood, you would be correct. A study found that Inglewood has approximately 200 fast food restaurants located in the city’s major corridors or 22 restaurants per square mile. That means that Inglewood ranks higher in the number of fast-food franchises and privately owned convenience restaurants than any of our neighboring cities. Consequently, the city council approved zoning code amendment 23-00004 which would limit the number of restaurants with new special use requirements..
