2023/06/26 - Mayor's Column: Finances
“AN OPEN DOOR TO O’FALLON”
A WEEKLY NOTE FROM MAYOR HERB ROACH
Through the 300+ articles that I have written since becoming Mayor, I have tried to keep our citizens aware of different things occurring in the community because I think it is important to know about all the different things that are happening or affect our city. When we think about city finances most people think about city taxes.
Having good control over how your tax dollars are spent is a very important element of our solid financial rating. But it is not the only thing. Another important part of good finances is investing reserves properly and safely so that we maximize the returns on those reserves.
About five years ago, we implemented a new method of how we invest those reserves to get the best return. That has produced hundreds of thousands of dollars for the City of O’Fallon.
Around that same time, we implemented a 5-year Capital Improvement Plan which is updated annually. This allows us to plan out our expenditures and lessening any last-minute surprises.
By having a solid financial rating, good reserves and future plans already thought out on expenditures, it also gives us a leg up on many communities when financial grant opportunities become available for different types of projects. Especially grants that require a quick turnaround and ability to come up with the required city portion of funding which is usually about 20%.
Over the last three years: 2021, 2022 and 2023, due to the preparations mentioned above plus the good work of staff putting proposals together, the city has been able to gain over $5 million dollars in grants to complete some of the work you have seen in the city. This is a big help on our budget, since it means we only pay about 20% to complete an already identified project.
On a separate note, I want you to know that on July 19th at 6:30 PM we will hold another Town Hall meeting to present to you what is currently underway as far as work is being done on our infrastructure (water, sewer, storm water and roads). This is our 20th Town Hall meeting.
As residents of O’Fallon, you should always be able to reach out to your elected officials and ask questions about what is happening in O’Fallon. Having open communications is important to me and something I care very deeply about. Thank you for reading, and please remember, my door is always open.