The Oklahoma City Council embarked on its first meeting concerning next year’s city budget, and the news was not good. According to an economist, the city should expect meager growth for the coming year, which means the city budget will be tighter.
Based on projections from the Center for Applied Economic Research at Oklahoma State University, most leading economic indicators are expected to go up only slightly, meaning revenue will be slow to come into the city’s coffers. A full recovery from the current global recession is not expected for at least another year, and maybe longer.
The city manager’s office has asked each department to look at cutting 12 percent of its Fiscal 2011 budget. Several ideas were thrown out for the city council to consider, including layoffs, furloughs, sales-tax increases, and hiring and wage freezes.
A final budget proposal is expect to be presented to the council in May. “Scott Cooper