The City Council is now holding hearings on my 2010 Proposed Budget. I thought it’d be appropriate to remind folks of my guiding principles. 

The latest revenue forecasts project a $72 million revenue shortfall in the general fund’s 2009-2010 biennial budget, the result of lower revenue, particularly sales and business taxes. To balance the budget, I’ve proposed cuts of roughly 4.4 percent from the endorsed 2010 budget, or about $41 million.

My budget eliminates approximately 310 positions citywide, and reduces the number of city vehicles. In August, members of 14 Coalition of City Unions agreed to 10-day unpaid furloughs for 2010, saving an estimated $6.5 million from the General Fund.

The city will also use $25.4 million from the Rainy Day Fund, leaving about $5 million for the future.

Along with two councilmembers, I’ve proposed repealing the employee hours tax, and I also approved legislation to raise the B&O tax threshold to $100,000 starting in 2010.

My budget adds 20 new patrol officers next year, and maintains funding for social services.

As I said in my speech to the City Council on Sept. 25:  “We will stay true to the things that are important: we will continue to focus on public safety, help our most vulnerable, solve transportation challenges and prepare to take back our waterfront. With this budget, we will make a positive difference in people’s lives, just as we have for eight years.”

I invite all our residents to learn more about the budget by visiting the city Department of Finance website: http://www.seattle.gov/financedepartment/