Based on the discussion at Monday night’s Normal Town Council meeting, it appears the town will be able to address our budget situation without cutting jobs. It would appear that our mix of budget cuts and revenue increases will leave our general fund in the black this year and allow the Town to slowly build up its reserves over the next five years, averting a projected end-of-the-year budget deficit in 2010-11 and beyond.
The main culprit has been a projected $1.3 million drop this year in state income tax receipts and flat sales tax collections.
You don’t have to spend much time on line to see the revenue picture impacting communities all around us.
If the snow plow breaks in Peoria, they’re not sure what they’ll be able to do with the city’s $14.5 million budget deficit.
To the south in Decatur, the city entered the current fiscal year with deficit spending in three of the past four years. They projected a $3 million general fund defcit for the current fiscal year and planned to postpone some capital improvements and adopted a voluntary severance plan for employees.
Read about Danville $1.5 million deficit and its desire to rebuild its reserves.
It would interesting to know how Bloomington is doing. Last we heard, they were projecting they would end the current fiscal year with a roughly $2 million deficit, after entering the current year with a roughly $5 million deficit.
It’s not just Illinois that’s hurting. Cities all across the country are being pinched.