Mayor Wharton Unveils Bleak City Budget

Mayor Wharton Unveils Bleak City Budget

The City of Memphis is facing another major budget shortfall. Mayor A C Wharton unveiled his budget plan for this upcoming fiscal year, and he's short around $26 million.
MEMPHIS, TN (abc24.com) - The City of Memphis is facing another major budget shortfall. Mayor A C Wharton unveiled his budget plan for this upcoming fiscal year, and he's short around $26 million.

Wharton's plan to fill that gap is to raise your taxes. The mayor is proposing a 28 cent property tax increase. But, the mayor says, taxpayers won't really see that increase due to the lower property values from recent reappraisals.

This is also the first year the city isn't on the hook to fund Memphis City Schools, but Wharton says even with that giant weight off the city's financial shoulders, tax hikes are likely to keep the city in the black.

Also included in Wharton's budget proposal is restoring half of the 4.6 percent pay cut that was imposed on city employees in 2011, effective January 2014.

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