The Council passed budget guidance for the preparation of the budget for next year. This guidance directs a cut of 4% to the revenue the City derives from property taxes. This will impact the City and the schools as follows:
City: FY2010 budget will be reduced by $1.7 million and the FY2011 budget will be reduced by $3 million.
Schools: FY2010 budget will be reduced by $1.6 million and the FY2011 Budget will be reduced by $2.6 million