Last year around this time, Mayoral Kamal Johnson suggested that Councilmember Rich Volo should resign for raising the specter of the City's imminent insolvency.
As it turns out, although the term bankruptcy may have been a bit extreme, Volo was not wrong in warning about the City's increasingly precarious financial situation.
At last night's Finance Committee meeting, Heather Campbell, city treasurer, reported that the unrestricted funds in the City's fund balance now total $2.27 million. The shortfall between anticipated revenue and actual revenue in 2025 is expected to reduce that amount to $1.88 million. It is recommended that a municipality's unrestricted fund balance be equal to two months (or 16.7 percent) of expenditures. For Hudson, two months' expenditures amount to $2.66 million.
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