Oregon's rainy day fund well in the black - News, Weather, Sports, Toledo, OH

Oregon's rainy day fund well in the black

OREGON, OH (Toledo News Now) -

Oregon's rainy day fund has increased more than 50 percent from where it was last year and that extra money is planned to go towards upcoming projects.

"We're fortunate to have the rainy day fund, and I think it comes from good management skills and good team work on the administration's part, and also with employees," said Jim Seaman, chairman of the finance and budget committee.

The city's rainy day fund has grown to an estimated $4 million over recent years. Seaman credits less costs on capital projects, a reduction in the number of city employees through retirements, and an increase in corporate tax revenue.

"The rainy day fund is essential for the security of Oregon's future," said Seaman.

The future of many of the city's road projects are going to rely on this extra cash. Seaman says a mile of road repair can cost up to $1 million.

"If you take a shorter segment that needs to be repaired, it doesn't take long for it to add up to one mile, and that's where a lot of the money is ready to be used for," explained Seaman.

However, Seaman does not expect the rainy day fund to be as high next year. Still, he says it will not interfere with the city's day-to-day operations.

"The fund may not be as high as it is now, but we're spending it on long-term improvements that need to be done for the city," said Seaman.

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Copyright 2013 Toledo News Now. All rights reserved.

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