City officials announced Tuesday that expense cuts and new business and lodging taxes have extended the city’s timeline for recovery.
According to the Press Democrat, they’ve cut $15.4 million in costs and avoided any mid-year emergency budget cuts. However, the outlook remains challenging. A multi-year deficit is still projected to hit $33.7 million by 2030, driven by rising costs and declining sales tax revenue.
The City Council must still decide on further major cuts or new revenue sources, with a menu of tough options expected early next year.
