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Minneapolis facing $21.6 million budget hole

Minneapolis is facing a budget hole of $21.6 million next year - and that's just to keep things as they are, officials revealed Monday.

The spending gap, the result of federal pandemic funds drying up amid rapidly rising labor costs, threatens to spawn stiff residential property tax increases, budget officials told City Council members.

The looming shortfall was telegraphed by Mayor Jacob Frey earlier this month, when he said it appeared to be almost impossible to stick with his planned property tax levy increase of 6.1% or less - and that the levy, the overall amount of money raised by property taxes, may need to climb by double digits. But Monday was the first time Frey - or any city official - publicly put a dollar figure on the budget gap.

https://www.startribune.com/minneapolis-facing-216-million-budget-hole/600367430/

 

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