Youngstown will finish ‘08 in black, but ‘09 is a ?

YOUNGSTOWN —Between a firefighter buyout program and the sale and lease of its assets, the city has found the money needed to eliminate its projected deficit for this year.

But with a soft national economy that’s greatly impacted Youngstown and projections of a greater deficit for next year, its economic woes are far from over, Mayor Jay Williams and Finance Director David Bozanich said today.

“This should provide no sense of comfort,” Williams said. “We continue to look at making cuts and adding revenue. We have to deal with 2009. With the collapse of Wall Street, the economic problems nationwide and statewide, which traditionally hits this area harder, the crisis is still there.”

The city started the year with an expectation that it would have a general fund deficit of more than $3 million by the end of the year and about $6 million by Dec. 31, 2009, if cuts weren’t made and revenue not found.

Because of the local, state and national economy, Bozanich said he’s unsure what the city’s deficit will be at the end of the year. But Bozanich said he’s optimistic the city won’t end this year with a deficit in its general fund.

Through the buyout program and the lease and sale of assets, the city has reduced its costs about $3 million.

For the complete story, read Friday’s Vindicator or Vindy.com