Title

"Cover Story" piece on the city of Portland's financial problems. City councilo

Authors

Al Diamon

Source

Casco Bay Weekly

Date

10-25-2001

Pages

12-15, 1

Abstract

"Cover Story" piece on the city of Portland's financial problems. City councilors say Portland is struggling with decreasing amounts of state aid, both for education and other city services, and that the latest budget drew too heavily on reserve accounts to pay for current operating expenses. Moody's Investor Services, an influential bond-rating agency based in New York City, wants Portland to build up its reserve accounts and pay off $115 million it owes to the Maine State Retirement System, or the city's rating may be downgraded. Using figures supplied by the Portland Taxpayers Association, calculations show that the average homeowners in Portland will see their property tax increase almost 27 percent by 2010, if the current trend continues. With a comparison between the management style of current City Manager Joe Gray, and his predecessor, Bob Ganley. Also with some of the ideas that are being considered to resolve the problem.

Subjects

Portland

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