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As we first reported this morning over at Indy Politics, the Mayor,  Council Democrats and Republicans have reached a deal on the budget.  Here is the news release the Mayor’s Office put out this afternoon…


INDIANAPOLIS – Mayor Greg Ballard, City-County Council President Maggie Lewis and Vice President John Barth today announced a compromise for the 2014 budget. The agreement fully funds the 2014 budget; provides for a second IMPD recruit class in 2014 of 30 officers, bringing the total to 80 officers for 2014, and provides funding for IMPD raises identical to an offer accepted by IFD leadership.
“This agreement achieves my goals of adding a second IMPD recruit class and avoiding months of budget debates that shake confidence in the City’s fiscal stability,” said Mayor Ballard. “This deal is not perfect as it delays long-term fiscal questions to 2015, but it will provide the necessary revenue to hire new police officers and continue making the necessary investments that make Indy a great place to live, work and raise a family.”

In the absence of the elimination of the Homestead Tax Credit, the budget faced a $15 million deficit in order to add a second recruit class and pay IMPD raises. This compromise agreement closes that gap by taking a one-time loan of $6.9 million from the Fiscal Stability Fund, use of $2.4 million from the rainy day fund and spending $5.7 million in funds leftover in an escrow account to pay possible claims stemming from the transfer of the water utilities to Citizens’ Energy Group.

“From the beginning of the budget process the Council has pursued an approach to ensure more IMPD officers,” said Council President Lewis. “I am pleased this budget does that. In the end a bi-partisan approach worked well for our city.”

“While not perfect, this compromise does represent the best interest of the citizens of Indianapolis.  Now that this budget agreement is resolved, we can turn our attention to the 2015 budget,” said Michael McQuillen, Council Minority Leader.

 The budget agreement does not tap funding from the Parking Meter Fund that is dedicated to infrastructure improvements or funding from the Information Services Agency (ISA) budget.

The agreement is set to be voted upon tonight by the City-County Council.