Jonesboro’s finances better than expected, officials say

Jonesboro’s finances better than expected, officials say

JONESBORO, Ark. (KAIT) - The City of Jonesboro has fared well financially during the pandemic, keeping city offices within their budgets and saving some money in the process this year, city officials said Wednesday.

The city says they are $3.2 million, better than projected to be in the budget.

They attribute it to citizens shopping local, the tornado insurance settlement, and deferred capital improvements.

Here’s how the $3.2 million breaks down: $1.2 million came from the tornado’s damage through the insurance settlement received by the city.

In addition, revenues were higher than expected when compared to the budget.

It’s something Jonesboro Chief of Staff Mike Downing says the city is happy about.

“We are in really good shape financially, not to say we won’t have challenges down the road because we don’t know what revenues and expenses will be for the rest of the year,” he says. “We got to play it close to the vest and make sure we’re prepared for every occurrence.”

Downing mentioned the city’s reserves.

He says through the 15% operating revenues and additional reserves, the total adds up to $27.5 million.

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