City faces $450 million shortfall

"Everything is on the table." - Mayor Michael Nutter

Link: Mayor Nutter's statement on city finances
Also: Bad news for the budget

Mayor Nutter announced today that the city is facing a major shortfall in revenue. Most of the trouble seems to be coming from the Business Privilege Tax, which came in $34.6 million below projections for this year. This combined with other economic conditions could mean a $450 million hole over five years.  Nutter has asked all city departments to develop budgets based on the new numbers. That means cuts for some departments and potential slowing of scheduled tax cuts.

Check out Nutter's statement for all the details. This is a big story and we'll have more analysis from the "It's Our Money" bloggers in the coming days.