Akron, Ohio Development News

Mid-Year Budget Review Highlights ARPA Spend-Down, Capital Project Updates, and Self-Insurance Concerns

The Budget and Finance Committee received a mid-year review of the city's operating budget, capital budget, and ARPA funds. The operating budget is tracking closely to projections, with a slight forecast for overspending primarily due to changes in how water and sewer capital project expenditures are accounted for. Labor costs are also projected to be close to budget. Revenue sources like income tax are performing as expected, though water and sewer fees are slightly under budget. Cannabis revenue is underperforming projections by about 10%. The city's self-insurance fund is a concern due to higher-than-anticipated medical and prescription drug claims. The committee also reviewed updates on ARPA fund spend-down, with 99% obligated and on track to be fully spent by year-end, and received an update on the status of various capital projects across the city, including road improvements, park upgrades, and infrastructure replacements.