Mayor Vincent Gray has a warning for District residents and agencies: Be prepared for massive budget cuts.
According to the Washington Business Journal, Mayor Gray’s budget team has revised the projected revenue gap for D.C. for 2012, and the city is $600 million in the red.
This projection is an increase from the projected $545 million gap after the D.C. Council closed the fiscal 2011 gap.
Gray’s budget team has had private meetings with agency chiefs, and told them to prepare for double-digit budget cuts.
Tax hikes are an option, but D.C. council members say they want to try and close the gap by cutting budgets before resorting to raising taxes.