Fort Worth city leaders are expecting a major drop in sales tax revenue due through the rest of the fiscal year due to the coronavirus outbreak, according to NBC 5.
City Manager David Cooke said during a City Council meeting this week that the city would be hurting financially, the news agency reported.
“Public events, I’ve mentioned, is probably taking the greatest hit we expect," Cooke said. "Essentially – a $25 million deficit on the revenue side."
Cooke said public events normally account for 40% of the city's annual budget. He also said a 30% sales tax revenue drop is estimated to be approximately $26 million, according to the news agency.
Fort Worth Mayor Betsy Price said during the meeting that she was confident that the right people were there to make the decisions.
"I know the hardest part is not behind us yet," Price said. "It’s still to come, but I hope it’s not as bad as we think it might seem."
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