Medford City Council On Feb News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Medford s financial picture is looking bleak
Neil Zolot / [email protected]
How do Medford s finances look so far? One word: Bleak.
Finance Director Aleesha Nunley-Benjamin painted a stark picture of the city’s finances in a report to the Medford City Council on Feb. 16.
“We’re expecting another difficult fiscal year going forward,” she said. “It’ll be another tough budget year for us.”
Quarter 2 numbers are meeting estimates, but she anticipates trouble in quarters 3 and 4 and fiscal 2022.
“We’re in a recession,” she said, while showing a power-point presentation slide reading, “The deep recession started February 2020. State Gross Domestic Product decreased 3.4%, 31.6% in Q2 due to declining tax revenue. State growth dropped from 6.8% to 2.2%. July 2020 state taxes started to recover 48% of jobs. However, the pace of economic recovery has declined due to the resurgence of COVID-19.” ....

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