A resurging local economy last year has put Springfield in good shape for its upcoming new budget… but city officials warn of storm clouds on the horizon.
During the first city budget hearing Monday night, budget director Bill McCarty noted that the city benefitted last year from a rebound in sales taxes, and got help from federal pandemic relief funds. But McCarty notes that there are indications of a looming economic downturn that could shrink sales tax revenues. And he says the city has seen a steep drop in telecommunications taxes, the main funding source for Lincoln Library.
Aldermen have several more hearings before a final budget vote in late February.
