City of Birmingham Facing ‘Economic Crisis’
The City of Birmingham facing ‘Economic Crisis’ over falling revenue from pandemic
As Covid -19 cases continue to rise across America.Many employers are cutting jobs to try save money and their businesses.You here about cities taking economics its around the globe but when it hits home it is so unreal.Birmingham can expect an $18.3 million budgetary shortfall for the 2020 fiscal year because of the pandemic, Finance Director Lester Smith told the City Council. He also warned that the economic impact on the city’s FY 2021 budget could be nearly four times that.
Mayor Randall Woodfin, called the situation an “economic crisis,” said that the dip in revenue means “painful” budget cuts are likely on the way.