Financial Hardships For Most Cities To Grow In '09

COLUMBUS, Ohio (AP) - A new report says declining property-tax revenues, high energy prices and other financial headwinds will create greater economic hardships next year for most U.S. cities.

The National League of Cities found that two of every three cities with more than 50,000 residents say it's harder to meet basic city needs this year than last.

Columbus is a good example.

Ohio's capital city is facing a 75 million dollar budget hole and planning 100 job cuts, including about 40 layoffs. All spending over $1,000 is now under close review.

Revenue from the city's income tax grew by at least 4 percent a year for 40 years, including the recession of the 1990s. Since 2000, that revenue has topped 4 percent only once.