The administration introduced a $658 million 2020 municipal budget today which, if adopted, will close a $70 million shortfall brought on by the Covid-19 pandemic. The budget contains no tax increase.
“We have been focused on the hardships our residents are facing amid this pandemic, which is why we were dedicated to finding financial avenues on the city’s side to balance the biggest budget instability we’ve ever faced while avoiding further financial burden for taxpayers who are already struggling,” said Mayor Fulop.
According to a press release, the administration has found “$25 million in immediate and long-term savings from voluntary employee buyouts, hiring freezes, restructuring personnel, elimination of overtime costs, reassessment of operational efficiencies, healthcare cost reevaluation, program inventory assessments, reducing and eliminating operating costs and contracts, internal audits, and debt restructuring.” It has also tapped “approximately $20 million in CARES Act funding to help offset additional expenses incurred.”
The administration cited bond rating agency Moody’s “stable” credit rating as an endorsement of its financial management.
The budget proposal will be introduced to the City Council this week.