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City Considering Balanced Budget Proposal

May 12th, 2021 by WCBC Radio

The Cumberland Mayor and City Council was presented with a balanced budget during Tuesday’s work session and city officials expect to adopt it at the first meeting in June. The budget contains no increase in tax, trash, water or sewer rates- and does not include any significant budget cuts. Debt refinancing helped- but the biggest assist goes to the American Recovery Act federal stimulus money. During the presentation it was noted that bond ratings agencies have the city ranked with an A. While the “A” grade is a  stable ranking- it is well below the AAA bond rating local governments strive for. Mayor Ray Morriss noted that the rating is based on the fiscal picture for the last decade- and that more recently the city’s financial picture has improved dramatically…