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November 1, 2011 at 10:53 AM

Seattle lowers revenue forecast by $4.3 million

The city of Seattle budget office today lowered its 2011 and 2012 revenue forecasts by $4.3 million, citing continued economic woes at the state and federal level.

City Budget Director Beth Goldberg told the City Council this morning that the economy had taken another hit since the city’s last revenue projections in July, with the federal debt-ceiling debate, European debt crisis and plunge in the stock market.

Goldberg said a $3.4 million reserve set aside in Mayor Mike McGinn’s proposed 2012 budget would allow the city to absorb the shortfall without additional cuts. But she cautioned that the continuing economic slump would have a ripple effect and that the deficit in 2013 could be almost $40 million plus another $10 million if cuts proposed by Gov. Chris Gregoire in next year’s state budget are adopted.

“The numbers get more staggering,” Goldberg said.

The council is currently deliberating the mayor’s proposed $910 million 2012 general fund budget. It calls for cutting 82 employees and 30 unfilled positions to close an $18 million shortfall. The council is expected to finalize the budget before Thanksgiving.

Comments | More in General news, Government | Topics: budget, Seattle City Council

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