Nashville Has Two Options for Their Budget Problems: Fix It Yourself or Have the State Fix It

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Tennessee Comptroller of the Treasury Justin Wilson warned Metro Nashville City Council members Wednesday that if Nashville doesn’t balance its budget by February, the state will intervene.

“None of us want to see that happen,” Wilson said. “ You don’t want someone from the state capital to come and tell you how to run your city. And I guarantee you I really, really don’t want to do that.”

During Wilson’s presentation to council members, he presented the dire financial situation the city faces. As it currently stands, Metro Nashville’s budget at the end of the fiscal year on June 30, 2020 projects to have only 21 days of cash on hand. Furthermore, the city’s general purpose school fund projects to not have enough cash to last a day, according to Wilson’s presentation.

“During our view of Metro’s current budget. We saw things that gave us to say the very least gave us pause,” he said.

When the 2019-2020 fiscal year ends, Nashville will have only a little more than $3 million on hand. However, the next day when the new fiscal year starts July 1, the city owes over $251 million in debt payments. Tennessee’s biggest city projects to receive in almost $71 million from all tax funds, but it will still need to borrow more money to pay off the debt.

Wilson told the council that it was up to them to make the “tough, but necessary decisions” to keep Nashville on track.

“You really should be selling your furniture to make your house payments,” he said.

Wilson offered five ways for Nashville to balance a budget: raise revenue, cut spending, borrow, use reserves or accounting methods. He noted that the city doesn’t have the ability to borrow any money, use its reserves or try accounting methods.

“Solving these problems is your responsibility. It’s your job to pass a structurally balanced budget,” Wilson said.

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Zachery Schmidt is the digital editor of Battleground State NewsIf you have any tips, email Zachery at zschmidt1717@gmail.com.

 

 

 

 

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6 Thoughts to “Nashville Has Two Options for Their Budget Problems: Fix It Yourself or Have the State Fix It”

  1. […] The Metro Police Department scheduled to buy body cameras two weeks ago. However, Cooper put a stop to this plan after Tennessee Comptroller of the Treasury Justin Wilson told Metro Council to fix Nashville’s budget problems. If the city’s budget problems are not fixed, the state could become involved Wilson warned. […]

  2. Randy

    Government at all levels must live within its means. Just because they have the ability to levy more taxes does not mean they should. On the other hand the public must exercise its civic duty and monitor how our elected officials choose to spend our money. The more we ask for the more it costs. I often hear that we pay so much in taxes, and we should have more/nicer stuff. The fact is that most of what government has, and is providing, beyond necessity, is being provided with borrowed money.

  3. Chitown Cap

    Yep, liberals/progressives are about to ruin another city. When are you American Sheep going to wake up and boot these losers to the street? All I can say is you get the Govt. you vote for, the house of cards is about to fall and you’re all in for a big bite out of the proverbial poop sandwich!!!! Enjoy you fairy dust inhaling losers.

  4. Traditional Thinker

    That’s the ticket. Make those who are wealthy and provide jobs pay huge amounts of taxes to keep up those too lazy to work or are here illegally. Then maybe everyone will lose their jobs and we’ll become another welfare state living off the government. Wait, that’s what the liberals want after all isnt it? Socialism…..

  5. 83ragtop50

    Reminds me of the out of control spending by Sumner County. My taxes just went up 25%.
    Too many tax and spend liberals have moved to what was once a fiscally conservative region.

  6. William R. Delzell

    I thought that the whole state of Tennessee had a huge surplus, at least as far as medical expenditures are concerned since the state is too stingy to provide decent medical care to its constituents, but now the state claims that cities such as Nashville are in the red. Make the state do right by the people, both rural and urban, both rich and poor.Say no to austerity the same way that Bolivians and Ecuadorians are doing! They no longer will put up with greedy IMF banks that choose to balance the budget on the backs of those least able to pay for it. Make the rich pay!

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