FOR IMMEDIATE RELEASE
Contact: Lauren Hames 407-246-3106

MAYOR DYER ANNOUNCES SURPLUS

ORLANDO, Fla. (January 15, 2004) – Mayor Buddy Dyer Wednesday announced that the City of Orlando General Fund had a $3.25 million surplus for the year ending September 30, 2003.

The surplus represents about 1.25 percent of the total budget and has been reappropriated into the contingency for the current year. This contingency will be used, as appropriate, for financial transactions in FY 2003-2004. Pursuant to the Mayor’s pledge, this will keep the City’s fund balance/“rainy day reserve” at the $56 million level of September 30, 2002.

In February 2003, Mayor Dyer was confronted with a forecasted $16 million deficit in FY 2003. He worked with Orlando city commissioners to balance the budget and, with the resulting adjustments, remained within the re-forecasted budget. The Reduction in Force (RIF) that the City experienced during the summer of 2003 was budget neutral in FY 2003 as the termination payouts and unemployment compensation expenses negated the salary and benefit savings. As a management tool, the RIF provided a current year savings of $12 million that allowed the City to be successful in presenting a balanced FY 2004 budget.

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