Houston's 2021 Budget Takes Huge Coronavirus Hit; 20% Shortfall Will Drain Rainy Day Fund




Houston Mayor Sylvester Turner presented his proposed fiscal year 2021 budget this week, aiming to close a $169M shortfall exacerbated by the coronavirus pandemic and low crude oil prices. 

Amid a range of cost-cutting measures, the budget proposes drawing down the general fund balance by $98M and emptying the city’s $20M Budget Stabilization Fund, also known as the rainy day fund. 

With hurricane season approaching and a lack of clarity over how long Houston’s economic recovery could take, there are concerns that this year’s budget could leave the city vulnerable to other unexpected disruptions, and in a position where even bigger budget cuts may be necessary in the fiscal year 2022 budget. 
“I think the big hit comes next year and the year after,” Kinder Institute for Urban Research Director Bill Fulton told Bisnow.

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