Just one month ago, the Town of Cary expected to close out the 2008 fiscal year with a budget surplus of $3.5 million. That was before the holiday shopping season posted dismal numbers making the town fall even further from its goal of sales tax revenue.
"We now have two reports that indicate a 15 percent drop," Assistant Town Manager Ben Shivar said.
Shivar now expects the town to end the year with a $2.8 million surplus. Currently, eighteen positions inside the town are being held open to keep the budget on track. Eight of those open positions will be evaluated in March to see if the town is able to afford to hire anyone.
As for other employees the town may lose over the year, Shivar said, "We'll do everything we can unless it's an absolutely critical position to hold that position open."
Shivar said even though the town will end the year in the black, he expects the 2010 fiscal year to be a "very difficult budget."
"While relatively speaking we are in good shape, it's still not a very good situation," Shivar said.