|Published: 7:52 PM, 04/26/2013
||Last updated: 7:52 PM, 04/26/2013
Author: Nelson Morais
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.
For more details, please see the weekend edition of the
Newport Plain Talk.
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