SAN JOSE, Calif. (KCBS) - The San Jose City Council held a special meeting Thursday afternoon to discuss a projected $96.5 million shortfall in the city's general fund for 2010.
The projection was contained in a report released recently by City Manager Debra Figone.
City spokeswoman Michelle McGurk said the budget shortfall stems from a combination of factors, including dramatic drops in sales tax and property tax revenues, a declining economy, the state's raid on local resources and requirements that the city compensate for losses in its two pension funds.
The discussion marks the beginning of budget talks, McGurk said.
KCBS' Melissa Culross reports
"We're starting early because many strategies require negotiation with our bargaining units," she said.
The city manager's report indicates that if the projected deficit is not resolved through other means, it could lead to the elimination of more than 700 positions in the city.
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