Chief Financial Officer Natwar M. Gandhi, as expected, delivered bad news about the city's economy Wednesday with his latest revenue estimates. Income taxes, real estate taxes and collections from licenses and permits are all down.
In a letter to the mayor and council chairman, Gandhi outlined his grim outlook, explaining that the city will begin feeling the pain of a downturn in the real estate market. He said there is a two-year lag that is now being realized.
Here is his letter:
-- Nikita Stewart