Rockford's Finance Task Force finds $2.7 million to cut budget deficit

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ROCKFORD, Ill. (WIFR) - As the city of Rockford's Finance Task Force looks for ways to close the budget deficit, a recent discovery could improve funding for this year.

City Finance Director Carrie Eklund says while reviewing the city's fund balances policy, her team found two funds with leftover money. The worker's compensation fund had a surplus of $1.7 million and the city's unemployment expenses fund added another million dollars.

Eklund says that money will now be transferred to the city's general fund.

"Not a permanent fix to our budget issues. We have a structural deficit we are trying to overcome with permanent revenue and permanent expense reductions but not only is it the prudent thing to do we don't need to hold money in these funds," said Eklund.

During Monday night's council meeting, the task force brought up several more recommendations on ways for the city to save money. Eklund says the approval of some of those recommendations could save the city millions.