Mayor Vaughn D. Spencer and City Council will explore a more-lucrative lease or the possible sale of the water system to help Reading avoid its looming fiscal cliff.
Those two options are among several that could help close a $15 million budget gap that will open each year beginning in 2015.
In a three-page memo given to council at an executive session Monday, Spencer requested both sides jointly begin what he called a comprehensive and objective assessment of all the city’s options.
“These are things we can’t do without the support of council; they have to be part of it,” Spencer said later.
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