Portland's budget shortfall is closer to $21.5 million than the previously estimated $25 million, Mayor Charlie Hales' office says.
That's happy news for Hales, City Council and Portland employees, who have been dreading deep cuts to city services. Hales has asked city bureaus to volunteer 10 percent budget cuts, and other commissioners have begun examining outside expenses like arts grants.
City Economist Josh Harwood told Hales late last week that a variety of economic indicators—including the consumer price index, health care premium costs and real market value of property, all of which affect city revenues—are looking better than expected.
Read more at The Willamette Week.