City of Wichita facing budget deficits
The City of Wichita faces a familiar problem in planning budgets for 2014 and 2015 … not enough revenue to cover projected spending. They’re called deficits.
The City has a projected general fund deficit this year of $1.3 million … $3.6 million in 2014 … and $4.9 million in 2015. The picture could change if the local economy comes back with any strength, boosting revenues from sales and property taxes, and fees. But so far, the recovery has been slow and weak.
The City juggled its spending in order to overcome deficits of $1.4 million in 2012 … and $6.5 million this year.
Sedgwick County has faced the same problem in recent years. The County and City have avoided raising property tax rates to fill the gaps, but have relied on increases in property values to boost tax revenue. But property values haven’t gone up much for several years.
Of course, the Wichita school district faces similar problems and its revenue stream is largely dependent on the state legislature.
Our thought for today is from Joe Weinstein:
“My dog is worried about the economy because Alpo is up to 99 cents a can That’s almost seven dollars in dog money.”