A vast number of cities across the U.S. are struggling with budget as a weak economy lowers property tax and sales tax revenue. In fact, 41% of city finance officers reported increasing fees for city services in 2011 to try and compensate for some of the struggle.
The public sector felt the hit after the private sector in this "recession", so now that the private sector has bounced back, how can city leaders do the same?
I cannot say it loud enough, focus on economic development. Not just any economic development, but retail economic development. Sales tax revenue is an important income for cities - why not go after the low hanging fruit? Publicly traded retail and restaurant concepts have no option other than to grow. City leaders need to be in front of these concepts and be actively recruiting them to their city.
What are your city leaders doing to combat the financial crisis happening within your city?