KSFY News - Sioux Falls, SD News, Weather, SportsLeaders say Sioux Falls shows improving economy

Leaders say Sioux Falls shows improving economy

On Tuesday Sioux Falls' Director of Finance presented preliminary financial information for the city from 2011.

Turbak says the local economy continued to rebound in 2011.  He says there is evidence of positive momentum in taxable sales, construction permits, job growth, and unemployment.  According to Turbak sales tax collections grew 4.5%, netting the city 3.2% in additional revenue.

Turbak says the city's original 2011 budget for primary operating, the general fund, provided for a planned use of $4.2 million is reserves.  He says the city ended the year by adding $1.7 million to general reserves.  Turbak says this has left the city in a strong financial position. 

According to Turbak, the city invested $74.9 million in capital improvement projects over 2011.  Those projects included rebuilding, repairing and replacing areas of Sioux Falls' core infrastructure.  The Director of Finance says 81 such projects were actually concluded, 44 are still in progress.

Turbak says some of the projects included major street repairs for 2011, including those to 41st Street, 57th Street, 69th Street, Tenth Street, Southeastern Avenue and Solberg Avenue.  He says the city invest $10.3 million in street overlay and concrete improvements across Sioux Falls.  Some of the other projects Turbak discussed include the work on the sanitary sewer system, upgrades to the Water Plant, the completion of the Junior Football Complex and investments in the River Greenway and Sherman Park complex.

In all, Turbak says the progress Sioux Falls made in the past year will help keep it strong, financially, in the future.