Portland leaders are facing a significant cash crunch just months after adopting the city’s budget for this fiscal year.
Officials with the City Budget Office have projected a $16 million deficit to Portland’s general fund, according to five people briefed on the current estimate. That figure could change in the coming weeks as the Budget Office continues its fiscal analysis.
Most of the current shortfall — about $12 million — stems from Portland receiving 6% less in business tax revenue last year than it had forecasted, city Economist Peter Hulsemantold The Oregonian/OregonLive on Tuesday…