Fiscal emergency for city

aced with a grim financial picture, Mayor Antonio Villaraigosa warned his department heads Tuesday to prepare for even more budget cuts, as City Council members described the city's finances as a "full-blown emergency." Daily News.

In a series of meetings throughout the day, the mayor and city officials worked on a plan to address a $200 million shortfall in this year's budget and a projected $400 million deficit for next year.

"We have never seen a time like this," Council President Eric Garcetti said at the end of a nearly two-hour closed door City Council meeting. "As a council, we are unified in the approach we have to take and in what we need to do to get on firm financial footing."