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(5/21/10): City of Cincinnati Faces Estimated $50 Million Deficit in 2010 |
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The City of Cincinnati is facing a financial crisis because of the lack of leadership at City Hall. "Unfortunately, the 2010 budget debate will prove to be very painful for the city worker and the poor," Smitherman says.
May 21, 2010 . Cincinnati NAACP Media Release . The City of Cincinnati is facing a massive 2010 deficit. The city deficit could be as much as $50 million. The City Manager will release the deficit number during the month of June. This will give Council the summer recess to fight over how to bring the expenses of the city in line with its revenue. The city workers will face the notion of massive layoffs yet again for 2010. The $50 million estimated deficit does not include the Cincinnati Retirement Pension Fund. If you add the liability of the city pension with the current operating deficit it pushes the short fall as high as $ 100 million. The City of Cincinnati is facing a financial crisis because of the lack of leadership at City Hall. This is why City Council Members are trying to leave city hall so soon after the November 2009 election. "You can not ride this problem out anymore. The city must face the music. Look for City Council to attempt the sell our water system and our railroad to buy their way out of the crisis. City Council and the Mayor like Wall street need a bailout,"Christopher Smitherman, president of the Cincinnati NAACP says. . City Council refused to cut overtime spending over the past 10 years. City Council has refused to tax exercised stock options. City Council continued to aggressively TIF the entire City which has turned the city budget on its head. However, the city will focus on increasing taxes and fees which will continue to push the small business owner out of Cincinnati. "Unfortunately, the 2010 budget debate will prove to be very painful for the city worker and the poor," Smitherman says. |