Oneonta Could Lose
$2.5 M From NY Cuts
City Hall Can Absorb It, But Cuts Needed
By LIBBY CUDMORE • Special To AllOTSEGO.com
ONEONTA – With an estimated 20 percent cut to state aid, Oneonta could see a total loss in revenue of $2.5 million in 2020, City Hall's Finance Director Virginia Lee told Common Council this evening.
“With the number of events that have cancelled, I wouldn't be surprised if we lose $2.5 million,” she said.
Last week, Lee predicted that sales tax losses alone could remove as much as $1.6 million from the city’s revenue stream, with state aid being reduced by as much as $400,000 in a severe scenario.