Updated: August 31, 2020 05:10 PM
Created: August 31, 2020 04:39 PM
ALBUQUERQUE, N.M.- The decrease in tax revenue has led to an estimated $27 million shortfall in Albuquerque for the current fiscal year, according to Albuquerque Mayor Tim Keller.
"We have our economic challenges, there's no doubt about that, but our city on a relative basis is actually not doing as bad as we thought," Keller said.
By preserving this year's budget, Keller said the city was able to avoid furloughs.
"Well for us, we tried to first cut costs then we tried to identify savings by banning travel, by examining department budgets for costs savings, restrictions on new hires; we have a broad hiring freeze that's had a lot of exceptions we've had in place now for I think six months," he said.
However, city officials believe the city's economy will bounce back soon rather than later.
"The job recovery region, Albuquerque and Bernalillo County, is in much better shape," Keller said. "As I mentioned before, we should be back to the normal level sometime in 2024," said Sanjay Bhakta, chief financial officer.
City leaders say permanent changes may happen that could result in loss of jobs in the future.
Copyright 2020 - KOB-TV LLC, A Hubbard Broadcasting Company