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City finances ok for now; storm clouds ahead.
- Article from:
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Nation's Cities Weekly
- Article date:
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October 22, 2007
- Author:
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Copyright informationCOPYRIGHT 2007 National League of Cities. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The fiscal condition of the nation's cities improved in the past year, according to a new report released last week by NLC. Seven in 10 city finance officers report that their cities are better able to meet fiscal needs during 2007 than in the previous year. Conversely, one-third of cities report they are less able to meet their fiscal needs. This was particularly true of Midwest cities, where just under half of cities reported they were less able to meet their financial needs.
The picture for 2008 is less optimistic with city officials predicting a slowdown in revenues and increased spending pressures. Concerns about the health of real estate markets and their potential ...