Cincinnati officials will be meeting with bond rating agencies next month to essentially determine the city's credit score for the coming year. That bond rating determines how much it will cost the city to borrow money.
Council Member Kevin Flynn said the process and the rating is important.
"Even if it's a quarter point, we're talking substantial dollars here if we get a reduction," Flynn said.
Right now the city's bond rating is AA, which is a step below the best of AAA. City officials want to maintain the current rating.
Cincinnati officials are showing a nearly $16 million General Fund deficit for the next budget year starting July 1st.
The information is contained in a tentative tax budget city council's Budget and Finance Committee will consider during a public hearing on January 6th. The document must be provided to the Hamilton County Auditor by January 20th. That office will use it to set the property tax millage rate for 2015 based on estimated property valuation.
Six Cincinnati Council Members are ready to restore about $4 million to the recently approved city budget after better than anticipated revenue collections for May and June.
The funds will be used for things like recreation, parks, human services and the health department. Council Member Laure Quinlivan said there's added money for parks too, which was a popular topic during public hearings in May.
Cincinnati Council officially balanced the budget Thursday for the next fiscal year that begins in a just a few weeks. But once again the plan relies heavily on one-time sources and juggling other funds to close a $35 million deficit.
There are no police and fire layoffs, but some 60 other city employees will be out of work.
Residents can also expect some city services to be affected... plus two recreation centers will close and five city swimming pools will be shut down after this summer.