San Jose is experiencing financial challenges, facing rising costs and slower revenue growth, leading to a projected $46 million shortfall in the upcoming budget. Mayor Matt Mahan highlighted the need for more stringent financial management strategies and expressed concern over future deficits possibly returning to $53 million. Council members and City Manager Jennifer Maguire are working collaboratively to address these issues without resorting to layoffs. A hiring freeze and service reductions have been implemented to sustain the fiscal health of the city as it prepares for budget discussions.
"The General Fund shortfall significantly limits the amount of new resources we can bring to bear to address our community's concerns," Mahan said.
"This year's budget outlook will require more difficult tradeoffs than last year, as costs continue to rise and low-hanging opportunities for savings have been realized," he said.
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