After pandemic, America’s cities have a long road to financial recovery
If the Great Recession is any indication, it could be a long while before America’s cities are able to recover from the economic damage inflicted by the COVID-19 pandemic.
That’s one of the findings of the most recent annual survey from the National League of Cities (NLC).
“The toll of the pandemic recession on city budgets is poised to be as significant, if not worse, than what they experienced during the Great Recession,” said Christiana McFarland, NLC’s research director.
Cities are experiencing a “catastrophic” loss of revenue due to the pandemic, according to the survey. Many are expecting a 13% decline in general fund revenues in 2021 compared to this year. That’s because of declines in income from things like sales taxes, fees, and events.
“This is the least optimistic that finance officers have been since the low-point of the Great Recession,” said McFarland.
You can read the full report here.
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