Some improvement in city finances, says NLC survey
Revenue in the nation’s cities continues to fall for the sixth straight year in 2012, according to a new report, as declining tax receipts combined with state and federal aid cuts weigh heavily on cities’ bottom lines. The City Fiscal Conditions report from the National League of Cities (NLC) says municipal governments are cutting personnel, delaying or canceling infrastructure projects and reducing some services to stretch tight budgets.
The report showed some signs of improvement. Forty-three percent of city finance officers say their cities are less able to meet financial needs in 2012 than in 2011. That is an improvement from last year’s survey when 57 percent of finance officers said their city was less prepared to meet its needs, and considerably better than the 88 percent who said that in 2009.
Read the entire story in American City & County, our sister publication.