A 1947 topographic map of the Reading, Pennsylvania area. (Photo credit: Wikipedia)
Reading is on course to amass a $35 million cumulative deficit by the end of 2017 even if it raises property taxes by 5 percent a year, controller Christian Zale told City Council on Monday.
The budget likely will be $1 million short this year and $1.4 million short in 2014, but Zale said the city’s own fiscal cliff comes in 2015, when it expects a $10.2 million deficit.
That will be repeated in 2016 with a $10.9 million deficit, and again in 2017 with an $11.4 million deficit, he said.
“Now is the time to address the 2015 cliff, (and) also ensure future decisions do not exacerbate these projected deficits,” he said.
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