That was made very clear at last night’s public meeting on ACT 47.
The team putting together the city’s financial recovery plan includes John Filan of DSI Civic Financial Restructuring. Filan says Altoona is dealing with something called Structural Deficit because of flat or declining revenues:
Altoona also has a narrowing tax base:
Filan says another reason for Structual Deficit is growing liability such as pensions, healthcare, and some differed maintenance. He says if nothing is done the city will face a $10 million cumulative deficit by the year 2016.
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