Crying Poor But Awash With Riches

What a difference a few months makes.  Just last year when the Mayor crafted the budget for the city’s fiscal year that just ended in June, he claimed the city was broke.  Fire companies would have to be closed, libraries would be threatened, and additional tax cuts would jeopardize the ability of the city to provide services.  But when the books were closed on the city’s 2006 Fiscal year at the end of June, it was clear that those dire predictions were unnecessary.  The city found itself with almost $223 million more in tax revenue than was projected when the budget was approved, resulting in an end-of-year fund balance of more than $200 million — a far cry from broke.  (visit BUDGETWATCH to read more)