City of Greensboro Faces Close To $6.5 Million Budget Gap

1:03 PM, Jan 29, 2013   |    comments
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Greensboro, NC -- City Council members met Monday afternoon for an early discussion on the upcoming budget and found the city could see another deficit.

The projected deficit for the 2013-2014 fiscal year budget is projected at $6 to $6.5 million. Councilwoman Marikay Abuzuaiter stressed the fact that these are just preliminary figures.

Greensboro's projected net budget for the upcoming fiscal year is at more than $470 million.

The deficit, which is up from $4 million in the 2012-2013 fiscal year, can be attributed the the loss of revenue in areas, such as Internet sweepstakes. Abuzuaiter says the state's decision to ban sweepstakes could cost Greensboro around $330,000 in revenue.

The council did discuss a few possible solutions to the deficit Monday. Those include: an increase in parking violation fines from $10 to $15, finding a way to attract more businesses to the city, and properly distributing around $4 million in economic development funds that have yet to be issued.

Abuzuaiter says she and other councilmembers don't want to raise taxes on residents, but the council must also find a way to continue to properly fund programs, like public safety and infrastructure.

City officials said, it's to soon tell what could be on the chopping block or if taxes will increase. The city council will make the final decision. The city will also hold community meetings leading up to the deadline.

By law, the council has until June 30 to approve a budget; the 2013-2014 fiscal year begins July 1.

GSO City Council

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