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Cincinnati projects $40 million deficit
Wednesday,
May 20, 2009 8:09 AM
CINCINNATI (AP) - City officials in Cincinnati say income tax revenue estimates were so far off
the mark that a $40 million deficit through 2010 is possible.
As a result, the officials say layoffs and cuts in services may be necessary. The city's finance department says this year's revenue is already $8 million below expectations. The city manager has told department heads to submit plans by the end of the week on how to cut spending by 5 percent for the remainder of this year. Some members of the City Council said Tuesday that 5 percent is probably not enough, while others say cuts should not include essential services like police and fire protection. Income taxes produce about 65 percent of the city's $375 million general fund budget. Story toolsToday’s Top Stories
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