#budget-shortfall

#budget-shortfall

Around 1,500 Greater London Authority (GLA) staff have been warned of possible redundancies due to a major budget shortfallthe first such warning in the GLA's 25-year historyamid fears of losing millions in government funding. Factors such as the end of post-Brexit parachute payments, changes to business rates, and uncertain council tax revenues have created a potential funding gap, forcing the GLA to plan for all scenarios and possible cuts to staff posts.

In April 1975, the Labour chancellor Denis Healey sought to grip the UK's runaway inflation and rising unemployment rates an economic crisis triggered by the shock rise in global oil prices by raising the basic rate of income tax. Now Rachel Reeves, faced with her own set of difficult economic circumstances, including a multi-billion-pound budget shortfall, is contemplating the same remedy breaking a 50-year taboo by becoming the first chancellor since Healey to hike the basic rate of income tax.

MTA officials have spent the last three years waiting for a mountain of COVID-19 relief cash from the feds that may never arrive, leaving a hole in the agency's budget that must be filled by riders and taxpayers. Financial reports show the MTA seeks $600 million over the next two years from FEMA as reimbursement for contracts issued 2020 and 2021.

Five months ago, Los Angeles Mayor Karen Bass revealed in her State of the City address that more than 1,600 city workers might have to be laid off to close a $1-billion budget shortfall. On Tuesday, after months of negotiations, Bass stood at City Hall with union leaders and announced that her administration had averted every layoff. "Some people said it couldn't be done, but I am so glad to stand here today and say that we have proved the naysayers wrong," Bass said.

UC "receives over $17 billion per year from the federal government - $9.9 billion in Medicare and Medicaid funding, $5.7 billion in research funding, and $1.9 billion in student financial aid per year," Milliken wrote in the letter addressed to Sen. Scott Wiener (D-San Francisco), chair of the Joint Legislative Budget Committee. If such funds were lost, Milliken wrote, "we would need at least $4-5 billion per year to minimize the damage."

"The funding shortfall that began on July 3 has spurred concern that the panel attorneys could decline new cases, leaving some defendants without representation."

Berkeley's decision to cut part-time jobs and halt the waterfront monitor program highlights the city's ongoing struggle with a significant budget deficit, prompting unprecedented layoffs.