Many moons ago, local governments used to maintain a 'rainy day fund', in which excess funds were placed so that, when tax revenues dropped as they periodically do, there would be funds available, at least in the short term, to cover expenses. Such planning has apparently become a thing of the past. Government at all level had seen the recent spate of record tax revenues as a green light to take on all sorts of obligations above and beyond the normal provision of services. No thought seems to have been given to how they would continue to be funded when the party ended, as everyone knew it eventually must.
Apparently politicians hated the idea that there were funds that were sitting idle, so they used them to expand city services. Of course, there were hordes of voters attending meetings telling them how important it was to add this service or expand that one, so it wasn't hard to find places to spend it.
Local schools expanded, primarily adding massive 'recreational complexes'. These were expensive to build and expensive to maintain. The shools also created pre-K services for the local citizenry, who apparently insisted that they should be free from most of the costs of watching their own children. These services are 'free' to poor children, subisdized for lower-middle class citizens, and provided at cost to the rest of us, apparently. Before- and After-school programmes were added.
Libraries were expanded. Computers installed since, apparently, it is not enough for libraries to offer books. Computers, of course, are expensive to install and maintain, and have to be upgraded regularly. Of course, there is the obligatory 'audio-visual' room added, too.
Parks, always a nice gesture on the part of the community, had to add 'water parks' and skateboard parks, soccer 'complexes', etc.
All of these items, nice though they may be, are expensive to build, expensive to maintain, and could be provided by private industry. Even if, during good times, a construction subsidy was provided, that would still be cheaper than having the community run the thing. I have even seen private facilities put out of business by unfair competition from the local government, who apparently thought it was unfair that people were charged for the services. Now, of course, that the free flow of dollars is becoming restricted, it becomes obvious to everyone why it was necessary to charge for those services. Everyone, that is, except the local government, which has to beg for more 'free' money to keep these 'necessary services' operational.
I've known of government-paid financial counselors who have warned people of the danger of living hand-to-mouth, and of the importance of saving for a rainy day. Too bad the government didn't listen to its' own counselors.