Metro Budget Hearings Begin 5-12-2010 - WSMV Channel 4

Metro Budget Hearings Begin 5-12-2010

The Metro Council begins budget hearings Wednesday. On Monday, the council's Budget and Finance Committee unanimously approved Mayor Karl Dean's $1.52 billion budget proposal for next fiscal year.
The proposal calls for refinancing some of the city's debt with lower interest rates. That means city departments would have an average 2 percent cut instead of 7 percent. Every Metro worker would also get a raise under the plan.
The council's review will now have to account for all the flood damage, unforeseen when Dean came up with his plan.
Finance Director Rich Riebling told The City Paper the Federal Emergency Management Agency is expected to cover 75 percent of those costs and that state and local governments will split what is left down the middle.
Metro government will likely pay close to 12.5 percent for flood recovery, some of which may be covered by flood insurance. Individual departments will be required to find ways to pay for repairs out of their own budgets.

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