LOWER interest rates are impacting Tulsa's budget
Tuesday, November 6th 2001, 12:00 am
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.