9/28/2009
The city of Vancouver is facing a $61-million shortfall.
The City's gap between revenues and expenditures is $61-million.
That number 'could' be whittled down to about $50-million with revenues still coming in.
The information is contained in a so-called 'Vancouver Services Review" that is now in the hands of City Manager Penny Ballem.
Ballem's job is now to find savings and make recommendations to Council by late October.
Council could make final decisions on cuts or savings by December.
Councillors met for two hours this afternoon to hear the news.
The city faces revenues at historic low levels as well as weakness in the economy, budget cuts at the Provincial and Federal levels and the HST.
This review was managed by a team of 30 city of Vancouver staff from all levels of the organization with the help of an outside consultant.
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