Also, this article says $1.5M in debt service. This number is so low it is astonishing to me. The city pays about $22M annually in debt service: $12M repaying principal and about $10M on interest on the ($220M) debt.
Council members agree raising taxes is not an option as residents struggle to make ends meet. But without an influx of new revenue, cuts will have to be made. The major expenses blowing a hole in the 2011-12 budget include $3 million in raises for employees and reinstatement of deferred compensation, $210,000 increase in retirement contributions, $1.5 million in debt service, $2 million in projects, and other expenses such as police cars and fire trucks.