ATLANTA - Mayor Kasim Reed announced Friday that the city of Atlanta has reached $175 million in reserves funding. In 2010, Atlanta had $7.4 million in reserves.
“On my first day in office, I set a goal of building our reserves funds to $175 million, the largest in the city’s history,” said Mayor Reed. “From pension reform, to making the decision to sell key properties like City Hall East, Turner Field and Underground Atlanta, we have worked to reach this milestone. My Administration has demonstrated what is possible when the City of Atlanta is financially strong, stable and well-run. Our city is safer, stronger and more prosperous today because of the hard work and tough choices we made.”
Chief Financial Officer Jim Beard has led the city in receiving nine credit ratings increases to AA+, the second-highest rating possible for municipal government and the highest rating for the City of Atlanta in 40 years.
“I am honored to stand by Mayor Reed and announce this milestone today,” said Beard. “Mayor Reed charged me with putting the City’s financial house in order, and building the strongest possible foundation for our City’s future. I am proud of what the Department of Finance has achieved on behalf of Mayor Reed and the residents of the City of Atlanta.”
In 2014, Mayor Reed appointed the Blue Ribbon Commission on Waste & Efficiency in Government, co-chaired by Delta Air Lines CEO Richard Anderson and Atlanta City Council member Howard Shook. The Commission identified multiple strategies for achieving cost savings, including selling underutilized properties and returning them to the tax rolls.
Last month, the city closed on the sale of Underground Atlanta to WRS, Inc., saving an estimated $8 million each year.
Earlier this year, the city closed on the sale of Turner Field to Georgia State University and Carter, a leading real estate developer, to redevelop the property in to a core campus with athletic facilities, as well as mixed-use development including affordable housing.
These cost savings have contributed to reaching the milestone of $175 million in reserves.