NRN presented its final report to the Rockford City Council on Tuesday and noted that with no action the city would effectively run out of money in 2023. I’m confident we’ll be able to turn these challenges into opportunities and move forward together toward a prosperous future.

City’s budget reserves will fall to zero in five years without drastic measures. Aldermen heard how to overcome this challenge during presentation from the National Resource Network.

Gary Mayor Karen Freeman-Wilson shares how city officials are already working on putting together the plan that will stabilize the city’s financial picture – erasing the days of a city that couldn’t come up with enough cash to pay its basic bills.

In the short term, the city needs to identify ways to cut costs and increase revenue without harming services that are critical to quality of life. In the long term, it has to make strategic investment to grow the tax base and economic opportunity for its residents.

When cities and states work well together, they form a formidable force for revitalization and growth to overcome America’s toughest economic and fiscal challenges.

Cities facing poverty and population decline can become trapped in a cycle of structural deficits, Eichenthal said. A balanced budget may be essential to the governance of a city, but that alone won’t attract many new residents.