An independent audit of Cincinnati's streetcar project released this morning showed the cost of cancelling the project could be nearly as much as it would cost to finish it.
KPMG, a national auditing firm with offices in Cincinnati, gave Mayor John Cranley and city council a 39-page analysis showing that it would cost anywhere from $50.3 to $80.1 million to cancel the project.
The report said that the costs to complete the project would be $68.9 million, plus an additional $1.7 to $2.8 million in delay costs.
Cincinnati officials are showing a nearly $16 million General Fund deficit for the next budget year starting July 1st.
The information is contained in a tentative tax budget city council's Budget and Finance Committee will consider during a public hearing on January 6th. The document must be provided to the Hamilton County Auditor by January 20th. That office will use it to set the property tax millage rate for 2015 based on estimated property valuation.