The National League of Cities has produced a highly-anticipated report detailing the fiscal fallout of the sudden and swift economic downturn that followed the coronavirus to American shores.
The National League of Cities (NLC) released its 2020 City Fiscal Condition Report earlier this month. "Findings in the report reveal that America’s cities are experiencing the fiscal consequences of this pandemic-downturn at an unprecedented speed – and like recent recessions, it will take years for municipal budgets to recover from the impact of COVID-19," according to the NLC website that shares the report.
Among the key findings in the report: 90 percent of cities will be less able to meet the fiscal needs of their communities in 2021 compared to 2020, the coronavirus pandemic had an immediate impact on sales and income taxes, and all major revenue sources for local governments have slowed in 2020.
The website's introduction to the report calls on local leaders to call on Congress for federal relief to mitigate some of the fiscal damages wrought by the pandemic depression.
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