PETERSBURG, Va. (WRIC) — Petersburg officials announced Wednesday that the city seems to have rebounded since being “in financial distress” in 2016, when it had a deficit of more than $7 million.
City administrators cited efforts cracking down on collections, demanding delinquents to pay overdue bills and dedicating $1 million of revenues to a rainy day fund.
“As we look forward, we know in order to make sustainable change we need to have commitment, not only to addressing the present financial challenges, but also to correcting the practices that resulted in the physical stress,” City Manager Aretha R. Ferrell-Benavides said at a press conference Wednesday.
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