City Foresees Financial Trouble

At last night’s Council meeting, City Manager Gary O’Connell warned that the city’s finances are altogether too dependent on real estate tax revenues, which he described as unhealthy and bad for the market. O’Connell advocates a 5% limit on new real estate tax revenues and raising other fees and taxes in order to compensate. O’Connell’s suggestions normally come along with the issuance of an annual financial report to Council, presented each November, but he felt that the urgency of the situation necessitated some earlier notice. Elizabeth Nelson has the story in today’s Progress.

5 thoughts on “City Foresees Financial Trouble”

  1. makes me happier and happier that i moved the hell outta c’ville.

    "Schilling and Councilor Kevin Lynch called for a deeper investigation on where money is being spent."

    i’m sure they’ll spend a couple thousand dollars to commission a task force to figure out where all the money went. morons.

  2. I thought they were about to spend 5+million on a computer system that was going to be outdated with 6 months.

  3. city income tax in your future or will the council (or City Manager depending upon who one thinks is in charge) reduce expenditures?

    Stay tuned – it promises to be a wild ride the next several years. Cox is departing at the right time.

  4. "the Belmont neighborhood, where assessments increased an average of 35 percent in 2002 and 40 percent in 2003" (Progress)

    I wonder if, when Belmont was named, the christener was thinking of the Belmont in The "Merchant of Venice" which was, in the play, reserved for the very rich.

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