‘Foundation for Excellence’ is Kalamazoo’s Next Promise
Most cities and other municipalities are dealing with it: declining revenues. Much of it has to do with dwindling revenue sharing; money that trickles down from the state level which municipalities have come to count on over the years.
That, coupled with higher foreclosure rates in recent years, have challenged leaders to figure out how to close the gap.
In Battle Creek, City Commissioners expect to dip into a rainy day fund to close a budget gap in the coming year. In Kalamazoo, without innovative thinking, officials project a general fund deficit of $2.75 million by 2021.
So, in a Kalamazoo Promise-like maneuver, private donors have agreed to step up, pledging $70 million for the "Foundation for Excellence" fund. City officials say the gift will put cut city property taxes, putting them on-par with smaller, neighboring municipalities.
Kalamazoo City Commissioner David Anderson explained how the proposal would work. Hear his comments by clicking the player below.