COVID-19's Huge Financial Impact on Cities
Small Business Labs
JUNE 29, 2020
According to the National League of Cities (NLC) , 65% of cities are being forced to delay or cancel capital spending and infrastructure projects due to COVID-19. Unlike the federal government, most U.S. cities are required by charter to run a balanced budget. This means revenue shortfalls have to be met with cost-cutting. The NLC says cities are projected to lose $360 billion in revenue over the next 3 years due to the economic effects of the pandemic. If that happens
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