LOWER interest rates are impacting Tulsa's budget - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

LOWER interest rates are impacting Tulsa's budget

Those lower interest rates are cutting into the Tulsa City budget. That's because the city invests money, which it collects, but doesn't need to spend immediately.

Currently - that's a $337 million investment portfolio - some of which is directly tied to interest rates. Falling rates have cut the city's earnings by $1.5 million for this fiscal year - and the slowing economy has cut sales tax income - combined the city predicts a $10 - $12 million shortfall in this year's budget. To make up the difference, the city is considering a combination of budget cuts and fee increases, but does not expect to raise utility rates.

The final decision is up to the city council.
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