Osaka ¨C Facing possible bankruptcy, the city of Kyoto has drafted a financial restructuring plan that would trim its bureaucracy, reduce the number of elderly residents eligible for bus and subway discounts and cut spending on day care centers.
¡°I deeply regret the fact that we¡¯ve been forced to rely on special measures in order to manage our finances,¡± Kyoto Mayor Daisaku Kadokawa said Tuesday when announcing the plan. ¡°We¡¯ll tackle all manner of reforms without making anything sacred.¡±
Kyoto faces a financial shortfall of nearly ?280 billion over the next five years. In April, Kadokawa warned the city could be looking at possible bankruptcy unless it figured out a way to come up with ?160 billion in either cost cuts or additional revenue by the end of fiscal 2025.
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