(Updated 1:10 p.m.) As expected, this year’s $753.3 million city government budget will be significantly cut down — with a $46.6 million reduction from the operating budget and $140.6 million in the capital budget put forward in April.
City Manager Mark Jinks called the new document “Budget 2.0,” representing the possibility that its contents are subject to change at next Tuesday’s (April 14) City Council meeting and throughout the budget process. Jinks said the total projected revenue loss for the 2020 and 2021 fiscal year is $92.2 million, and that the sharp reduction in the budget is due to a deferral of the 2 cent tax residential tax increase initially proposed and a steep drop off in commercial tax revenue.
