Baltimore officials today confirmed that the city will likely lose $70 million in revenues this fiscal year and $103 million in FY2021 because of the economic contraction caused by the coronavirus.

While unprecedented for modern-day Baltimore, the losses – from shortfalls in personal income taxes, hotel taxes, transfer taxes and parking and speed camera revenues – represent less than 3% of the city’s annual $3.87 billion budget.

Property tax revenues, the city’s revenue mainstay other than state and federal aid, will remain remarkably stable at $1.02 billion. Nevertheless, Mayor Bernard C. “Jack” Young said the new budget “literally had to be rewritten in a month from scratch.”

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