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.