More bad news on L.A. economy

With the weak real estate market and slowing economy, the city of Los Angeles will bring in $90 million less revenue than expected in the fiscal year ending June 30, according to estimates released Wednesday by the city controller. Kerry Cavanaugh in the Daily News.

The latest estimate puts city revenues this year at $4.246 billion. And as sales tax and property tax revenues drop further, revenue for the next fiscal year - beginning July 1 - will likely fall $11 million to $4.235 billion.

Over the last month, city budget officials have warned that revenue would be lower than expected and city leaders face cutting programs immediately to balance the budget.