Topeka Makes Top 10 List For Low Cash On Hand

By: WIBW (Posted by Melissa Brunner)
By: WIBW (Posted by Melissa Brunner)

TOPEKA, Kan. (WIBW) - The City of Topeka makes a Wall Street Journal list highlighting the slow place of economic recovery.

Topeka ranks seventh-lowest for number of days of cash on hand with 7.3. Independence, Missouri is fourth with less than a day, 0.9.

Topping the list are Charleston, SC and Pomona, CA with 0.0 days of cash on hand.

The Wall Street Journal's review of the country's 250 largest cities shows the median was 81.1 days. The report says a shortage of cash could spell trouble paying bills or lead to borrowing.

Topeka's financial adviser Jeff White says the calculation doesn't account for taxes due in December that the city might not get in the bank until after the first of the year. Taking that into account, he says, would give the city about 30 days of operating costs.

While that is still below the median, the city points out it ended fiscal year 2012 with more than $88 million in cash and investments, which is about one-third of the all-funds annual budget.

White says the city is working to grow its fund balance by $1 million each year, with the adopted FY14 budget reflecting an increased ending balance following years of falling revenues.

The Wall Street Journal also looked at cities with the greatest population decline, highest per capita debt and low reserves, among other things. Topeka did not make any of those lists.


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