Santa Fe faces $100M deficit in FY21

[TexasTowelie]

SANTA FE – The city of Santa Fe is projecting an “unprecedented” shortfall for fiscal year 2021 – around $100 million – as revenues continue to plummet amid the COVID-19 pandemic.

Mayor Alan Webber announced the projection during a virtual news conference Monday and said the cancellation of such big-money events as the Santa Fe Indian Market, the Traditional Spanish Market, the International Folk Art Market and the Santa Fe Opera’s summer season have especially hurt city revenues.

Tourism in Santa Fe, a city heavily reliant on visitor spending, has cratered since the pandemic hit the state in March. Even as some businesses begin to reopen in a limited capacity, the outlook for the city remains dire.

“We’re deeply affected by this summer’s cancellations of major income-producing events,” Webber said, adding that such events will be among the last parts of the economy to restart.

Read more: https://www.abqjournal.com/1457051/city-of-santa-fe-projects-100-million-deficit-for-next-fiscal-year.html

[jimfields33]

1. Same story all over the country

It’s going to be tough for every city in America for this year and possibly the next.