The city paid PFM Group to take an independent look at what the next five years may bring.
Budget deficits will be the norm for the city of Roanoke unless significant changes are made as revenue growth slows after a post-pandemic bump, according to a consultant’s report.
The city over the past decade maintained balanced budgets, even with significant investment in employee pay and substantial growth in school funding – and its bond rating is stable, reads the report by the PFM Group.
However, “the city’s long-term health faces significant risks beyond the assumptions included in this moderately conservative outlook,” the report continues. That includes projections that the city will not meet some requirements – such as debt financing ratios – as soon as 2026-27, according to the report…