Louisville is facing its second budget cut of the year. This time, $3 million must be trimmed from the spending plan.
Officials say the latest projected shortfall is the result of lower tax revenues caused by a sagging economy.
The city will make up the 3 million dollars in part by pushing construction bond and health insurance payments into the next fiscal year, which begins July 1st. Mayor’s spokesperson Chris Poynter says there doesn’t appear to be any immediate relief in sight.
“Now we’re going into a brand new budget year and we’re projecting much slower growth. You know, we’re only projecting 2.5% growth over the next year, which will be the slowest level since we merged the city and county governments,” says Poynter.
This is the second city budget cut of the year. In February, the mayor announced $9.4 million in reductions because of lower than projected revenues.