Regardless, she ran unopposed in her reelection bid except for a write-in candidate she dispatched easily. Rogero waited until her third year, in 2014, but she, like Kincannon, was dealing with budgetary uncertainty (continued fallout from the Great Recession) that kept her from doing one sooner. Haslam did it the year after he was first elected, in 2004, and it was not an issue when he ran for reelection. The good is that both Haslam and Rogero implemented an increase with little to no pushback. There’s good news and bad news for Kincannon when she considers a property tax increase. Consumer confidence is plunging as the credit crunch hits household budgets.

What does a budget crunch expression mean Definitions by the largest Idiom Dictionary. In a credit crunch, lenders stop lending and credit becomes tough to obtain. Definition of a budget crunch in the Idioms Dictionary. Those dollars can be spent on infrastructure upgrades and COVID-19-related losses, but not used for employee raises and other recurring costs. /kredt krnt/ usually singular (economics) an economic condition in which it suddenly becomes difficult and expensive to borrow money. This means the value of the taka will also be affected.' ‘‘A deficit budget will aggravate the dollar crisis further as the inflow of the currency will be hampered. The city will receive the other half of its $43.92 million from the federal government's American Recovery Plan. The city is expected to release more information about the survey this week. Gear Crunch Gear crunch is a phrase used in the automotive world to describe the grinding or harsh sound that occurs when shifting gears in a manual transmission vehicle. The push comes as a new compensation study found city salaries, on the whole, are 10% below the market rate.Īt the city’s budget retreat earlier this month, Gennoe said the salary survey would likely show the city needed to make up some $9-13 million in salary fixes. Example sentence: The university faced a budget crunch, resulting in reduced funding for research projects and the cancellation of some non-essential programs. 1, 2021.Įarlier this month, Kincannon announced she would propose a $15 an hour minimum wage and a 6% across the board raise for city employees. If something crunches or if you crunch it, it makes a breaking or crushing noise, for example, when you step on it. Some of the factors out of the city’s control include the state's elimination of the Hall’s Income Tax that cut the city off from millions every year (the revenue ranged from $4.1 million to $11.6 million annually.

distress or depressed conditions due to such a shortage or reduction: a budget crunch. What’s more expensive is an uptick in unfunded pension obligations, an increase of $6.1 million over the next five years ($1.2 million a year) and roughly $1.1 million a year in debt payments for the safety center complex the Knoxville police and fire departments will be moving into this summer. a shortage or reduction of something needed or wanted: the energy crunch. The additional $14 million approved by the City Council in early February for infrastructure improvements, while fronted by the city in $7 million installments, is expected to be repaid by property tax revenues from a tax increment financing district recently approved by the city and county.

Budget crunch meaning