Friday, April 26, 2013Author: Nelson Morais
(Last modified: 2013-04-26 19:52:57)
Source: The Newport Plain Talk
NEWPORT-The City of Newport, with two months left in its fiscal year, is facing a net deficit of roughly $140,000-$150,000 when compared to the earlier projection for the year, interim City Administrator James Finchum announced at a special called meeting of the City Council held Thursday, April 25.
Finchum cautioned Council members that those figures are fluid, or "moving targets", and that he still had to check additional, fairly minor sources of revenue to determine if the net deficit will be higher or lower than $140,000-$150,000.
"Right now, I can't give Council members a hard number on revenue," because he has not been able to analyze all sources of revenue, the city administrator said.
However, added Finchum, he has analyzed the three major sources of revenue for the city of Newport: sales taxes, property taxes, and other state taxes.
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