Just like the county—the City of Belvidere is facing a large deficit for the current fiscal year. Both will be doing little to reduce the deficit until next year—Belvidere’s fiscal year ends April 30, 2010—Boone County’s November 30, 2009.
Nobody imagined the review would point to staggering gains; but the reality the city may face if the worst case scenario is realized – a $1.2 million deficit at year’s end on April 30, 2010 – was a lot for the aldermen to digest.
The memo showed the current year to date revenues for the major sources would be off an average of just over $13.5 percent. For example, the leading losing category is sales tax, which was projected to come in just under $900,000, but is coming in at just under $700,000, a drop off of more than 21 percent.
Click on the following for the rest of the story: The Belvidere Daily Republican. - Belvidere reviews city’s sobering financial figures
Take a look at the following for the actual report which was given to city council regarding the huge short fall.
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