"As of now, the city's cash reserves are low, with approximately enough to cover about two weeks of operations," a statement said.
City leaders say the money issues are tied to a pattern of spending more than what was brought in. The city says it has already begun reducing spending, including freezing certain vacant positions and cutting down on non-essential expenses.
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During Monday night's council meeting, a financial recovery plan was presented to council members. The plan includes a proposed tax adjustment that would "allow the city to secure a short-term loan to sustain operations until property tax revenues are received in the new year."
The temporary tax increase would be around $7.50 a month on a property valued at $150,000 and $12.50 a month on $250,000.
The city council will meet again later this month. Residents are encouraged to contact the city manager's office with any questions.