Friday, November 6, 2009

Oakland's $19 million Budget Problem

By Robert Gammon
Fri, Nov 6, 2009 at 11:05 AM

The City of Oakland is facing a new $18.9 million budget shortfall, mostly because of declining tax revenues due to the recession. According to the Trib, the projected revenue shortfalls total $10.1 million. In addition, the city likely will not collect $4.5 million this year on a proposed ticket surcharge at the Oakland Coliseum. City officials also estimate that over-expenditures could reach $4.3 million this fiscal year. The biggest overspending problem is the Oakland Police Department. The new financial issues follow the city council's vote earlier this year to slash about $90 million in spending to balance the budget.

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