City looks at options to handle worsening finances
The city of Las Vegas' financial picture continues to worsen, according to information scheduled to be presented to the City Council on Wednesday.
When the economic downturn first took hold, city officials estimated the municipal budget would face a $150 million shortfall over five years — but that projected shortfall has since grown bigger.
Chief Financial Officer Mark Vincent in May said that shortfall had grown to $270 million as tax revenues, primarily from the consolidated sales tax, continued to plunge.
Now that number has doubled, a city release stated Tuesday, also because of sales tax declines.
Vincent and City Manager Betsy Fretwell are scheduled to present options for dealing with the shortfall, including layoffs. They have previously said layoffs and service cuts would be needed without more concessions from the city's labor unions, which have already agreed to some reductions in the growth rate of salaries.
Contact reporter Alan Choate at achoate@reviewjournal.com or 702-229-6435.
