Albuquerque mayor says off projections led to budget deficit
ALBUQUERQUE, N.M. (AP) — Albuquerque Mayor Tim Keller has told business and community leaders that the city is facing a budget deficit as gross receipts tax revenues fail to come in at the rate projected in the spending plan approved by the City Council earlier this year.
The Albuquerque Journal reported Wednesday that Keller said the last administration did a lot for the city’s infrastructure, but also left his administration some unfinished business.
Keller said the budget for the current fiscal year, which began July 1, was based on 3 percent gross receipts tax growth. But he says the growth has been just 1.7 percent.
Alicia Manzano, interim communications director for the Mayor’s Office, said the current revenue shortfall is $10 million.
Information from: Albuquerque Journal, http://www.abqjournal.com