City learns 2018 budget 'on target;' 2019 deficit looms
YOUNGSTOWN — Through the first six months of the year, the city has spent 49.3 percent of the general fund’s budgeted amount for 2018.
Kyle Miasek, interim finance director, gave a report tonight to city council’s finance committee about Youngstown’s finances.
“We are hovering around 50 percent after six months,” he said. “We are pretty much on target. We are doing really well with controlling spending. We’re not going to have a great positive balance but it won’t be negative.”
The city was able to balance its 2018 budget with a $12,000 expected surplus after initially having a projected $2.3 million deficit. City officials made a number of cuts and used one-time revenues to largely make up the shortfall.
However, a financial expert hired by the city administration projects a $16 million deficit by 2023 if the city doesn’t make changes to its financial situation including a $2.22 million deficit by the end of 2019.
For the complete story, read Tuesday’s Vindicator and Vindy.com