The Queen City's credit rating took a big hit last week when a Wall Street firm downgraded its bond rating. Now, city councilors are set to take action on Mayor Miro Weinberger's new budget proposal.
The mayor and the city's board of finance spent weeks going over the books. Last week, the five-member sub-committee voted unanimously to send the budget proposal to the full council Monday night, where it's expected to pass.
Mayor Miro Weinberger touted his plan at an afternoon press conference.
As promised, the budget does not increase property taxes, addresses deficits in water and wastewater accounts, and funds improvements to the bike path and city parks. Weinberger says a new accounting system will allow for greater fiscal transparency and more flexibility should unanticipated issues surface.
"Gets the city moving again in some important ways. It addresses some of the serious financial issues facing the city and it does that in the context of avoiding a property tax increase," said Weinberger, D-Burlington.
Fellow Democrat and Council President Joan Shannon says she hasn't heard any misgivings expressed by the rest of the Council. She praised city staff for simplifying the budget presentation and expanding access to the process.
The budget does call for increases in water, wastewater and public works fees. And voters did approve a 14-cent increase in school taxes earlier this year.
Friday, May 24 2013 11:30 PM EDT2013-05-25 03:30:10 GMT
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Friday, May 24 2013 12:44 PM EDT2013-05-24 16:44:50 GMT
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Friday, May 24 2013 9:51 AM EDT2013-05-24 13:51:55 GMT
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Friday, May 24 2013 7:25 PM EDT2013-05-24 23:25:14 GMT
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Friday, May 24 2013 7:35 PM EDT2013-05-24 23:35:15 GMT
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