A report out Wednesday said local governments throughout the United States could cut a total of almost 500,000 jobs over the next year to account for sliding revenue and the need for more social services, Bloomberg reports.

According to the report, local governments are on their way to cutting the equivalent of 8.6 percent of their workforces from 2009 to 2011. That would mean 481,000 people or more will lose their jobs, Bloomberg said.

The report was drafted based on a survey conducted by the National League of Cities, the U.S. Conference of Mayors and the National Association of Counties.

The loss in revenue is largely based on the decreasing property taxes and a decline in state and federal aid. The report calls for Congress to pass a bill that would provide $75 billion over the next two years to local governments and community-based groups to help job growth and reduce the need for cuts.