Story updated at 12:25 AM on Friday, Mar. 12, 2010
The forecast for city finances: Ugly today, with a 100 percent chance of looking worse tomorrow.
Get used to talk of potential layoffs, cuts in services and more tax and fee increases for years to come.
For starters, the city faces a $58 million budget hole for next year.
Factors such as decreasing revenues, a flat economy and rising pension and health costs translate into a projected budget deficit of $106 million for next year and $257 million for fiscal year 2015.
Last year's budget process was bruising, involving difficult cuts and a property tax hike. Yet, millions in the "easy" cuts have been made.
Mayor John Peyton's remedies include a 3 percent pay cut this year for city employees (something that remains to be negotiated with the city's unions) and raising fees next year, including garbage fees.
