As a result, the city is struggling to find money to fix infrastructure that’s out of repair, officials say.
But the city faces a dilemma.
The state has been struggling with a lack of revenue for a while.
That means it’s going to have to take on more debt to make up for the shortfall, even as residents are having to find new ways to make ends meets.
“The city is having to do a lot of cost cutting,” said Dan McCorkle, the mayor’s director of infrastructure and economic development.
The mayor says the city has been borrowing money for decades.
“I’m not saying this is going to be an overnight fix,” he said.
“But it will help.”
As part of the state’s transportation package, the state is trying to reduce its $500 million shortfall by paying off the city’s debt.
That could help ease the city and its bondholders’ financial burden.
But McCorkel said that’s unlikely to happen anytime soon.
The $500-million figure is a relatively small amount of money, McCorkell said.
It’s not enough to keep the city afloat.
“If you’re a city that can’t make its way, you’re going to look elsewhere,” he told The Hill.
“That’s a big thing.”
McCorkelle said the state needs to work with the city to find solutions that will help it keep pace with other cities.
“We need to look at all the levers that can help us stay on the path to recovery, and that will be in the state of Vermont,” he added.
The mayor said the city isn’t a large city, so it’s likely the state will have to find a way for the city not to have a “catastrophic debt situation.” “
And that will include finding a way to do more in-kind support, including making a contribution to other cities.”
The mayor said the city isn’t a large city, so it’s likely the state will have to find a way for the city not to have a “catastrophic debt situation.”
That would require it to find ways of funding infrastructure projects, including those for transit and other transportation improvements, he said, adding that the state has already started working on that.
“At the end of the day, we can’t just do that,” he conceded.
“There’s no easy answer, because we’re trying to do it.”
The city is currently trying to find an alternative to pay off its debt, as it does for a number of other issues, including the debt payment on its debt to the state.
But it’s not clear if that plan will be able to pay for the repairs.
The city has asked for a $1.6 million grant from the state to fix some of its roads and bridges.
“This is not the right answer for us,” McCorkley said.
The council’s budget has been in flux for months.
The new budget would not be approved until next month.
The last budget passed in March, and the new one does not include the $500m in state money to make repairs.
McCorklee said the council has been working on its budget for months now.
“Our priority is to get a budget that works for the citizens of Burlington,” he wrote in an email.
“It is our goal to be sustainable.
It is not our goal that it is a sustainable budget.”
But the mayor said that was something that was not addressed in the last budget.
“No budget, no matter how good, can ever be sustainable unless the public is informed,” he explained.
“Without a budget, there is no budget.”
McCarkle said the last year of the current budget has “been pretty difficult for us.”
The council voted in January to begin reducing some of the city of Burlington’s $600 million debt.
But that process, he added, is being delayed because the state hasn’t funded a portion of the bonds it’s issued.
That funding is being held by the state as an emergency.
“They’re holding it hostage for a long time, and I don’t think they should be doing that,” McCarkley said of the governor and the legislature.
“So it’s a difficult time, but I think it’s worth the wait.”
The last time the state had to cut its $250 million debt was in 2011, after it had to pay $2.8 billion in back taxes.
McCordle said he believes that was a temporary measure because the city was unable to pay back all the money it owed.
But he said that, over the long term, it would be beneficial to the city if it could pay off the debt.
And he said the money the city should have been paying back would have made a significant difference.
“In the last couple of years, I’ve had the opportunity to see firsthand the impact that these bonds have had on our communities,” he continued.
“One of the things that I’ve seen is that the city that has been most impacted by the bond program, that has suffered the most financially