City Of Greensboro Projects Budget Shortfall
The City of Greensboro is expecting a major economic shortfall as a result of the coronavirus pandemic. The city’s budget may be impacted into the next fiscal year.
Revenue from sales tax has plummeted as many businesses have been closed or impacted by the state’s stay-at-home order. City budget managers expected that money and are now making changes and cuts in hopes of balancing the next fiscal year.
In a city council meeting, conducted virtually, Assistant City Manager Larry Davis said there’s a projected funding gap of “about $7 million.”
“The economic downturn has been severe, has been immediate,” says Davis. “We're still grappling with many unanswered questions. How long will this go on? Will there be peaks and valleys along the way, both from a health perspective as well as a financial perspective? And how soon will people feel safe in resuming their roles as consumers in our economy?”
City officials are considering money-saving efforts such as delaying building and maintenance projects but say they are not currently planning to raise the cost of city water services or conduct layoffs.