CINCINNATI — While people and businesses are financially hurting from the pandemic, the city of Cincinnati is also feeling the financial pain as city officials face an estimated $90 million budget shortfall.
A University of Cincinnati study shows the city's estimated loss of revenue is close to $91.4 million, and a Brookings Institutereport said Cincinnati was ranked as one of the most economically hard-hit cities in the country from the pandemic.
In order to combat the budget shortfall, city officials have a few ideas.
One idea calls for cutting about 25% of jobs from every city department while still requiring each department to perform the same amount of work. Part of the 25% of jobs cut would include jobs that are currently vacant, offering early retirement to some employees and putting police and fire recruitment classes hold.
While some government leaders across the country have floated the idea of cities declaring bankruptcy, Mayor John Cranley said this was off the the table.
"We have to make sure we are set up on a path to a balanced budget in two years," Cranley said. "In the short term, we are taking action to make up for money sent out by the city."
City officials said they are also working with leaders in Congress on getting some federal funding to help ease the financial woes the city faces.