Oakland City Council Mtg - 2024-06-12 - Budget Review - Part 2

2:17PM Jun 13, 2024

Speakers:

Brad Johnson (Budget Administrator)

Keywords:

So I can speak to those. So we would actually the answer to the question is the same answer. We need to get to a fiscal plan, which is what the city administrator has tasked us all with beginning this fall, that structurally balances our budget. That means making permanent adjustments to our revenues and expenditures on an ongoing basis. That means we do not have rolling an ongoing deficits. That is the challenge that is the charge to us. At that stage, we will exit the space of being in extreme fiscal necessity because we will have right sized our revenues to our expenditures. As I mentioned earlier, we estimate that means we need to close roughly $100 million, which is beyond the $63 million included in this budget. So it is a even it's a larger task. And it would include restoring the maintenance of efforts and all those ballot measures because that cannot be done indefinitely. We have to move past using one time resources, land sales fund balances to ensuring that resources coming in equal expenses going out and that is the task that we need to undertake beginning the September.