City of Fresno Declares Fiscal Emergency "FRESNO, Calif. (KFSN) -- The city of Fresno is facing a $30.6 million budget shortfall and the mayor announced she wants to cut hundreds of city jobs. The proposed $213.2 million general fund budget takes into account a 4.5 percent expected decline in resources from fiscal year 2010. The fiscal year 2011 proposed budget is 13.2 percent lower than the actual fiscal year 2008 general fund budget." City of Fresno Declares Fiscal Emergency - 5/03/10 - Fresno News - abc30.com What does THIS story have to do with the US economy? A LOT! This scene will play out in many, many more cities and regions across the country. Yes, California is one of the worst cases, but several other localities are in a similar situation. If you read between the lines, you'll notice tax revenues available in 2010 are 13% LESS than 2008. Now all that means is business is worse than it was in 2008 since tax revenues reflect the overall health of the economy. BTW....I won't discuss the house of cards that is ready to fall in Europe even thought the markets show signs of correcting as I write this.