Published: Aug 29, 2012 7:00 PM EDT

CAPE CORAL, Fla. -- If you own a home or other property in Cape Coral you might be asked to use more of your money to pay for certain services. It's all in an effort to keep the city's budget in the green.

 "How are you going to tax if people don't have jobs?" Felix Torres has lived in Cape Coral for 21 years and says he can't afford to pay any more taxes.

"You keep raising property taxes you are going to have a ghost town here. Who's going to pay for it? I mean. There's no jobs here you know?" he said.

But city manager John Szerlag tells WINK News the city is in a state of financial urgency. "We're not financially in trouble. I don't want to be an alarmist. But we are on the brink, precipice, of economic instability," he said.

His proposed budget doesn't suggest raising property taxes, instead dipping into other revenue sources such as raising taxes for different city services such as fire, utilities or roadways.

Some council members here say, while the city continues to grow, financially they continue to cut and now have reached a point where something needs to be done.

"Now we've either got to cut services or diversify the revenue," said Cape Coral councilman Derrick Donnell.

Boyd Bilderback has lived in the city since 1977 and says he thinks city is making the right decision.  "Of course nobody wants taxes raised, that's just something out there, that nobody wants, but on the other hand, you want growth, you have to push forward. I'm kind of glad I'm not in their shoes," he said.

The city will host two public hearings on the budget in September.