Tuesday, June 01, 2010

Big US cities primed to raise taxes, revenues to balance budgets

Virtually every major municipality in the United States is looking for ways to balance budgets to recover from the effects of the recent economic downturn. Major improvements in employment could go a long way to solving the crisis, but meanwhile, local tax payers may find that tax and fees will be rising.
clipped from www.pnnonline.org

The latest review of municipal budgets in 13 major cities by The Pew Charitable Trusts’ Philadelphia Research Initiative finds that almost all of the cities are dealing with another year of budget shortfalls, albeit slightly smaller than last year, and four of them intend to raise major taxes or impose broad new fees for fiscal 2011.

The update, Not Out of the Woods: The Recession’s Continuing Impact on Big City Taxes, Services and Pensions, also finds that most of the cities are trying to reduce the size of their workforces or win further concessions from municipal unions on benefits, or both, as they cope with the recession’s ongoing impact on municipal finances and pensions.

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