It was not the type of Christmas message that will spread joy among city residents.
Mayor Ralph Infante said Wednesday that he and city council will consider raising the city income tax because the city’s bank balances are rapidly depleting.
“This is a train wreck waiting to happen,” Infante said. “We used to collect $1.4 million in interest each year on our holdings, but because the interest rates are so low, we don’t get more than $30,000,” the mayor said.
“Bah, humbug,” said Councilman Michael Lastic, D-at large. “That’s bad news for this time of year.”
Cutbacks in state funding and reduced property tax collections are adding to the city’s woes.
“Local government funds are down by $75,000 and property tax has dropped by $100,000,” said Charles Nader, city auditor. “Our income-tax collections are up, but they’re not enough to overcome everything else. It’s like we’re on a teeter-totter here.”
For the complete story, read Thursday's Vindicator or Vindy.com.