Oakland is facing a historic deficit, which Mayor Sheng Thao estimates to be close to $200 million for this year and next year.
Anser HassanThe Oakland City Council will hold a special meeting Wednesday afternoon to tackle the budget deficit.
The city is facing a historic deficit, which Oakland Mayor Sheng Thao estimates to be close to $200 million for this year and next year. With less than a week to left to pass a budget, Gallo says one of the biggest challenges is the accuracy of the data. Almost 80% of Oakland's revenue comes from taxes - property tax a huge portion of that. The city says property tax has grown steadily around 8.5% for the past few years.However, a May 2024 agenda report noted: "With the current macro-environment, the federal reserve's efforts to fight inflation with raising interest is shifting the growth pattern to stable and is teetering into declining.
"We have a letter to the council with a list of questions, dated June 5. And we have not gotten answers yet to those questions. So, we don't know which category they put these new expenses into," says Levin."I will remain focused on supporting city council as they vote on a balanced budget this week.
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