The plan includes more money for streets and drainage, and a new method to pay for...
that he says will give the next administration some breathing room as it crafts its own fiscal vision., the proposed budget includes $401 million in reserves, devotes another $11.3 million to the city's extensive backlog of deferred maintenance, and grants raises to all city workers.BACKGROUND:The revenue cap lives
The city will forego about $347 million in revenue in this year's budget as a result of the cap. The cumulative loss since 2015 amounts to $1.8 billion, Turner said Tuesday. The mayor and other elected officials long have cited the revenue cap as a leading cause for lagging city services. "This puts the next administration in a very strong fiscal position, and we hope to see an upgrade from our three credit rating agencies due to our proactive fiscal policies,” Martin said.Controller Chris Brown, the city's independently elected financial watchdog, gave the mayor high marks for the fund balance and the new trust for retiree health benefits.
"The thorn in the city's side is the structurally unbalanced budget, and the challenge is when that federal money burns off, we'll have a cliff, so to speak," Brown said. It has helped the city build up a fund balance of $401 million, its strongest reserves in decades. Turner said the next administration will be able to draw down that money to close any budget gap next year.The city will see a large jump in tax dollars it can use for street and drainage projects.
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