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Financial advisers tell Charlottesville council to prioritize as revenue growth slows
Summary
PFM financial advisor warned council members at the retreat that national economic indicators increase recession risk, revenue growth is slowing and rising personnel and benefit costs will require prioritization in the coming budget cycle.
At the Aug. 15 retreat PFM financial advisor Bien (sp) presented a fiscal briefing that framed Charlottesville’s near‑term budget challenge as one of prioritization and stress testing. Bien said national indicators show elevated recession risk and “a lot of recession risks as of today,” and urged council to evaluate spending priorities and establish spending parameters ahead of the next budget cycle.
Bien highlighted the city’s revenue mix and strengths: property…
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