In June, Fulton officials estimated a $300 million drop in the value of properties in the county. Franklin said the city would closely monitor city spending as it waits for the property tax money to come to City Hall.
“I do not see this impacting city services,” the mayor said.
The city’s budget year began July 1 and ends June 30. Franklin and the City Council set aside $27 million in reserves and is hoping not to touch it. The council voted 8-7 to raise property taxes in June to help fill a $56 million shortfall in its $541 million general fund budget.
The city has applied for $535 million in federal economic stimulus funds, which Franklin said could somewhat help offset operating costs. Atlanta so far has received about $40 million. Much of the money the city is seeking would be for a proposed streetcar system along Peachtree Street. City officials also are hoping for money to install surveillance cameras in high-crime areas largely to prevent car theft and burglaries.
The mayor said during the update that her staff is preparing for an internal audit that may find errors in how a company set up billing between city departments.
Glass also said the city is doing a better job of paying vendors on time. In May 2008, city officials said they had about $40 million in unpaid invoices. Glass said Thursday the unpaid total for general operations was about $1.5 million.