AUSTIN, Texas — Austin leaders said they're about to be short on cash because of what state lawmakers approved during the Texas Legislative Session.
According to our partners at the Austin American-Statesman, the City of Austin could see an estimated $58 million budget gap by the year 2024.
The city is blaming the property tax reform bill that limits how much the city can raise property taxes each year without an election. Gov. Greg Abbott is expected to sign off on this bill.
However, Austin Mayor Steve Adler has said in the past that the property tax cap will hurt.
"Our community wants us to do something about the homelessness challenge that we see in our street," he explained. "This budget reflects this on more than one item, but if this legislature actually follows through with a 2.5% cap, then we're in trouble. We're going to have to start cutting things that are core to our values."
In the past, city leaders also said the tax cap would limit the city's ability to pay for things like police and firefighters.
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