TERRE HAUTE, Ind. (WTWO/WAWV) – Terre Haute City officials discussed a possible $105 million budget for 2023 in a special meeting on Monday.
Although this budget is similar to ones in previous years, it still boasts an 8% increase from 2022 mostly due to pay increases for staff.
As city officials were briefed by Baker Tilly advisors, one major theme was growth. Eight straight years of keeping a balanced budget and continuous positive growth in cash reserves for the city. This comes after years of not have any reserves or being in the negative
“We’ve had a balanced budget every year from 2016 on,” Terre Haute Mayor Duke Bennett said. “At the end of next year, we’ll be right at a 22% overall cash reserve.”
The positive growth is something that city officials said they’re proud of. Terre Haute City Council President Cheryl Loudermilk said that she’s confident about the direction of the city.
“The Mayor and the City Council have done a great job working together at maintaining a level for providing the services that we need and maintaining those budgets,” Loudermilk said.
During the special meeting, a number of questions were asked about the incoming casino to Terre Haute. Although it won’t play a role in the 2023 budget, the Queen of Terre Haute casino could play a role in the 2024 budget.
“We’ll put it in the 2024 budget because that’s when revenue will begin to come in,” Bennett said.
As different governing bodies continue to finalize budgets, Bennett said that he’s never seen community collaboration like this before.
“We have a budget, but we’re working with the county, the chamber, the Terre Haute EDC,” Bennett said. “To advance the whole community forward and I’ve never seen so much collaboration to do that.”
The City Council is expected to vote on the budget in October.
