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Charlotte, NC
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Local News Story
City Hall offers steady outlook for Charlotte during economic slump
CHARLOTTE, 10.29.2008
WBT NEWS
The city budget looks like it'll hold despite the current economic conditions, city officials said this week.
Even with projected losses from the Wachovia-Wells Fargo merger, local economists are telling City Hall businesses in Charlotte will end up with thousands of new jobs this year.
Finance Director Greg Gaskins said sales tax revenues look to be holding, as are property tax revenues.
"It may not be perfect, but I feel comfortable," Gaskins told City Council Monday. "That is because of the strength we had and the growth prior to [the economic downturn]."
But Gaskins warned the City Council if economic conditions don't improve, there will be a greater impact on city operations.
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