LOWER interest rates are impacting Tulsa's budget

Those lower interest rates are cutting into the Tulsa City budget. That&#39;s because the city invests money, which it collects, but doesn&#39;t need to spend immediately. <br><br>Currently - that&#39;s

Tuesday, November 6th 2001, 12:00 am

By: News On 6


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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