CINCINNATI (AP) — Cincinnati officials say they have enough money set aside to avoid asking taxpayers to cover an additional $1.2 million deficit facing the city’s new streetcar.
A memo from City Manager Harry Black says both Mayor John Cranley and City Council already knew the shortfall could occur and have been saving up for it.
The Cincinnati Enquirer reports (http://cin.ci/1RbW6eB ) Friday the memo also detailed a new agreement with the private foundation that had previously committed to help pay for operations.
That arrangement with the Haile/U.S. Bank Foundation will allow the city to solidify the operations budget over the first two years.
Councilman Kevin Flynn said the city should be able to cover the entire two-year deficit with saved-up parking-meter money.
The streetcar is scheduled to start running this fall.
Information from: The Cincinnati Enquirer, http://www.enquirer.com
RECOMMENDED FOR YOU