Like a cup with a hole in the bottom, the City of Huntington is losing money faster than it can stock up. Nearly 50,000 people live within the city’s 16 square mile area – their tax dollars are not enough to keep the budget afloat.
For fiscal year 2009, Huntington brought in $39,990,304, but only spent $38,919,497. This fiscal year, the city plans to spend every penny it brings in – $42,135,417 in and $42,135,417 out. Most of the city’s revenue comes from the business and occupational tax, $17,395,121, and municipal fees, $5,900,000. The highest expenditures are from the police and fire departments, $11,580,414 and $10,271,811 respectively.
As a quick fix, Mayor Kim Wolfe has issued a spending freeze for the remainder of fiscal 2010. According to WSAZ.com, the mayor told city council the freeze affects all city departments through June 2010.
WSAZ.com also says Wolfe has contingency plans if the cup keeps draining.
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