Earlier this week Baltimore released its first 10-year fiscal forecast, and its predictions were not good.
According to the outlook, during the next decade the city is facing a combined $745 million operating budget deficit, a $1.1 billion general fund infrastructure deficit and $3 billion in unfunded retiree liabilities between fiscal years 2013 and 2022.
"In the coming days and weeks, starting with the State of the City Address on Monday, I plan to propose a bold set of major reforms to address the fiscal challenges outlined in the 10-year forecast. The reforms will focus on eliminating the deficit, making modern investments, and changing the city’s tax structure to make Baltimore more competitive for growth," Mayor Stephanie Rawlings-Blake said in a Monday news conference, according to her prepared remarks.
What Are Your Thoughts on Baltimore’s Looming Fiscal Crisis? Share your thoughts and solutions on how to address this issue in the comments section.