In last two years, because of our more conservative revenue forecasting, a federal accounting rule change & tamped-down spending (ex: no CPI raises for city staff) results in $21 million one-time surplus.
HOWEVER, the national recession is dragging on longer than initially estimated. Federal, state and school budget cuts will be deep. Financial future remains dicey. Requests for city services outstrips resources.
We will continue to be conservative in our budgeting.
- samadamspdxor posted this