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State and local governments cutting expenses?
Old 04-07-2020, 02:37 PM   #1
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State and local governments cutting expenses?

Many cities and states are seeing a cut in tax income as the economy slows.

Some will try to use their reserves and not cut expenses. Others may decide to cut expenses now.

My governor has already announced a number of line item vetoes to cut some expenses. He also may call a special session of the legislature to make further cuts. We will see.

My city mothers and fathers are running down the reserve fund. I have doubts about that. Another city’s mayor wants to cut city employees’ pay by 10%.

Since I am doing what they want - staying at home - I am certainly not paying a lot of sales taxes. Heck, I don’t even buy $2 lottery tickets.
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Old 04-07-2020, 02:53 PM   #2
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Cincinnati city has already furloughed some workers and cut back on services. City council also took out a line of credit loan to cover shortcomings. So already happening here. Although I don't live in the city limits or even in the same county, I am sure that the cuts will be experienced here before long if not already and I am just not aware. Cincinnati gets majority of the local news coverage.
There is no doubt a significant drop in sales taxes and other fees like hotel occupancy tax or similar tourist oriented taxes.
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Old 04-07-2020, 02:57 PM   #3
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Gov. DeWine (Ohio) put in a hiring freeze in place and told state agencies to cut spending 20% about two weeks ago. The sooner they all make cuts, the (slightly) easier it is on the budget.
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Old 04-07-2020, 02:57 PM   #4
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Yea, cities and states can't run deficits like the Federal government. This may accelerate the recession.
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Old 04-07-2020, 05:52 PM   #5
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Here in Florida, we have no state income tax, and thus rely heavily on tourism dollars that have pretty much dried up for the foreseeable future. I don't see how we will be able to square the balance sheet with all beaches and entertainment resorts closed for several months. It is going to get interesting.
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Old 04-07-2020, 05:56 PM   #6
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Originally Posted by cbo111 View Post
Here in Florida, we have no state income tax, and thus rely heavily on tourism dollars that have pretty much dried up for the foreseeable future. I don't see how we will be able to square the balance sheet with all beaches and entertainment resorts closed for several months. It is going to get interesting.

Fla should join the party and start a state income tax.
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Old 04-07-2020, 06:00 PM   #7
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Fla should join the party and start a state income tax.
That would prove very exciting now that millions of retirees have moved to Florida to escape the income tax back home. Very exciting, indeed.
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Old 04-07-2020, 06:05 PM   #8
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City here has suspended yard waste cart pickups and cancelled annual curbside bulky item pickup (old mattresses, broken furniture, etc.)

Rumors are garbage pickup will soon only be every other week...
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