Annapolis is arranging a line of credit with bankers to avoid a cash flow crunch and meet payroll until property tax payments start arriving in the fall, Mayor Joshua Cohen said.
In a sign of the times, Cohen said although Annapolis is going through austere times, taxpayers should remain confident in the city's overall financial strength.
Cohen issued a statement, saying members of the City Council's finance committee are sponsoring a resolution that will be introduced Monday and brought up for a vote on April 26.
Cuts have been made to deal with a projected $9 million deficit, but property tax revenues and other fees have fallen short of estimates. The city said the line of credit is the first to be sought in more than 25 years.
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