A draft financial report inadvertently released by Oakland officials indicated a $93 million budget shortfall and warned of potential insolvency, citing Chapter 9 bankruptcy.
The city quickly replaced the alarming draft with a more tempered official version that omitted references to bankruptcy, although both documents acknowledged a significant financial issue.
Oakland is facing rising expenses, stagnant revenues, and a structural deficit, highlighting issues with key revenue streams such as real estate transfer taxes.
Despite disavowing the draft report, city officials emphasized the urgency of addressing Oakland's financial challenges, particularly evident with OPD's projected budget overspend.
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