Posted: May 4, 2010 11:08 PM by Courtney Meznarich and Emily Kiefer
Updated: May 4, 2010 11:08 PM
The San Luis Obispo City Council took a look at the city's financial forecast Tuesday night.
It's an overview of the challenges the city will face in the future. Currently, the next five years aren't looking so bright. By the end of next year, council members forecast a three million dollar gap.
That gap grows to 11-million dollars by 2015, if voters do not renew an added half cent tax that expires that year. However, the city is optimistic it can fix the problem. "The city has always taken the tough actions necessary to achieve a balanced budget. And because of this, we have never had a budget deficit," said City Manager Katie Lichtig.
City leaders emphasized that Monday's report is broad. A more detailed report will be released in September.
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