The Great Lockdown’s Impact on the City of Charlotte’s Budget

Whitney Afonso, Monica Allen and Richard Carey

Municipal Finance Journal, 2021, vol. 42, issue 1, 23 - 42

Abstract: Since the conclusion of the Great Recession, the city of Charlotte has been financially stable and has been one of the fastest growing cities in the United States, with a young, diverse, and well-educated population. This paper examines how Charlotte’s budget for FY 2021 has been affected by the COVID-19 pandemic and resulting recession, which began in early 2020. Despite having relatively low reserves, Charlotte crafted the budget so that the level of services was maintained, no existing staff needed to be furloughed or laid off, planned capital investments did not have to be deferred, and the fund balance did not need to be used. However, if the pandemic and/or its economic effects last longer than Charlotte anticipates, the city will face much more challenging decisions for FY 2022.

Date: 2021
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