For the fiscal year ending Dec. 31, 2020, the City of Carmel had more than $70 million in its fund balances – $56.8 million of which were unencumbered funds, or unspent budget dollars – a sign of fiscal strength.
The General Fund balance closed the year with $11.1 million, an increase of $200,000 over the prior year. The Rainy Day Fund balance remained unchanged at $11.2 million.
Brainard
“We work very hard to manage the city’s finances prudently,” Carmel Mayor Jim Brainard said. “We approach the budget process much like the private sector in that we perform budget forecasting 20 years out to ensure that we can accomplish our goals and keep our tax rate among the lowest in the state.”
As indicated in the City Council approved budgets, 2021 was less than 2020 by $2.5 million. Unspent budget dollars, due to city departments’ reduced expenditures, produced savings that remain in the General Fund.