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Wednesday, May 16, 2012

Winburn: Deficit will be $15 to $25 Million

Posted by Justin Jeffre

Councilman Winburn is warning that the city’s deficit for next year’s budget will be between $15 million and $25 million. He’s calling on council to use the estimated $14 million in 2013 casino revenue to offset the deficit.

According to Winburn his estimation comes from the city and doesn’t include any city budget adjustments or revisions. They are:

1. Approximately $24. 8 million automatic budget cuts in 2012

2. City may lose approximately $5 million in 2013 relative to local government funding.

3. City may lose approximately $8 million in 2013 relative to estate taxes.

4. City may experience increase in healthcare cost, non-personnel cost, and gasoline cost that may contribute to the 2013 city budget deficit.

He also notes that council used $24.8 million in onetime sources to balance the 2012 budget deficit. $11 million came from Convergys because Convergys failed to live up to the agreement with the city to create the number of jobs they said they would when they city gave them $50 million. And there were $13.8 million in carry over funds.

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  1. .(JavaScript must be enabled to view this email address) says:

    It is amazing that Council Member Smitherman chastised City Council for allowing the Cincinnati Retirement System to run out of money, yet he recently voted for the costly ( $543,000.00 per year) Equal Partner Arrangement which has now become a new added drain on the Cincinnati Retirement System.

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