Shaker council, finance committee kick off 2024 budget hearings with a possible $5M surplus

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Live, work from home, play.

Updated: Oct. 31, 2023, 5:25 p.m.Work continues on the double apartment high-rise that will soon be the tallest building in Shaker Heights -- the Farnsleigh Apartments. They're also known as "Phase II" of the Van Aken District, the city's mixed-use, transit-oriented "new downtown."SHAKER HEIGHTS, Ohio -- City officials moved into their 2024 budget hearings with a list of transformational capital projects and the possibility of a $5 million surplus.

“It’s hard to project, but we continue to see the positive side -- including ‘work from home’ withholding receipts,” City Finance Director John Potts said. Also contributing to a higher-than-usual surplus would be interest rates, with the city’s investment earnings projected at a conservative $1 million to start out 2023, but climbing to over $2.6 million as the year wraps up.

“If you take all five of these items, it touches on every corner of the city,” Weiss said. “And we should budget with an eye toward finding a way to finance these major capital projects.”

 

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