9:56 PM
Julio Barreto
A report released by the National League of Cities (NLC) states cities will have a harder time meeting their fiscal needs in 2010 as a result of the nation’s economic condition.The report, City Fiscal Conditions in 2009, states that a decline in revenue from income and sales tax collections will result in significant budget gaps in 2010. These sources of local revenue typically decline first when jobs losses increase and the resulting purchasing of goods decreases.According to the report, property taxes are beginning to slow as housing values more closely reflect the economic downturn. The reports states it usually takes 18 months to several years before the revenues generated by local governments are impacted by brooder economic conditions. The report states that local governments can expect...
