City budget will require borrowing, using cash reserves
KTRH-740 says the city of Houston will need to borrow and dip into its cash reserves, according to a new budget plan:
The City of Houston will borrow about $100 million against taxpayer money and spend cash reserves to make budget, according to planning documents delivered recently to City Council.
Mayor Bill White says there will be some borrowing for pension obligations, and it will use some cash surpluses that have been deliberately built up over the past two years.
White says City Council won't finalize the plans until it votes on a budget in June.
Look for Mayor White to use this as ammunition in his campaign to derail implementing Prop. 2.
PREVIOUSLY: City, METRO are enjoying sales tax windfall (April 15, 2006), City's credit rating outlook downgraded (March 12, 2006)
Posted by Anne Linehan @ 04/19/06 12:36 PM | Print |
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