Mayor: Springfield has four options to cut down $11 million deficit
SPRINGFIELD, Ill. (WRSP) —
The city of Springfield is facing huge financial issues.
As reported earlier this week, city officials said Springfield's budget deficit could be more than $11 million.
Mayor Jim Langfelder said there are four scenarios to cut down the deficit.
The city can consolidate departments, raise revenues, spend down their reserves or slow down spending.
Langfelder said he plans to include a sales tax hike and minor consolidations in his upcoming budget proposal, but Langfelder said the answer to a lot of the city's financial issues lies in Springfield’s economy.
"Economic development will address the pensions issues and everything because you're generating more funds,” Langfelder said. “The more funds you can do without increasing taxes through natural economic development, that's what you'd like to have, but that takes time and years to do."
Being the capital city -- Langfelder said the state's two-year budget impasse hurt Springfield significantly more than other Illinois communities.
He said the upcoming bicentennial celebrations will have the opposite effect.
Langfelder said he expects Springfield to benefit more than other communities.