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City’s debt load beginning to be an issue
The Daily Progress Sunday, April 01, 2018 at 9 p.m.

In the last decade, as the annual budget for Charlottesville has increased by approximately $45 million, the city’s general obligation debt has increased by about $50 million — from $81.9 million in 2008 to $132.1 million in 2017.

As the city looks to the future, officials have said in recent months that it could be difficult to fund new projects and meet some maintenance needs with the current amount of debt.

Looking at long-term projections, the proposed budget for fiscal year 2019 says the City Council will need to “carefully address revenue policies such as tax rates and debt limits, coupled with adjustments in capital spending,” in order to close an anticipated gap in spending and revenue in future years.

 

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