2007 recession still haunts cities
The National League of Cities had mostly good economic news in its annual survey of city finance officers.
Of those surveyed, 82 percent said they were optimistic about meeting their city's financial needs, while 18 percent said they were "less able" to do so. Revenues have grown for three consecutive years. Ending balances are now at pre-recession levels.
But compared to previous recessions in 1990 and 2001, the effects of the 2007 recession have been tough to shake.
It took four years for general fund revenues to return to pre-recession levels after the 1990 slow down. It took nearly six years for revenues to exceed pre-recession levels after the 2001 recession. But nine years after the 2007 recession, revenue still lags behind pre-2007 recesssion levels, logging in at only 91.6 percent of where revenue was.
We're still waiting for cities to make their full recovery.