"On the precipice"

The budget revisions that the City Council approved Tuesday call for about $5 million in reserves to be used to pay for city business during the remaining months of the fiscal year.

Officials expect the city to have about $3 million in reserves when the fiscal year concludes on June 30.

"A month of payroll is about $12 million. We are literally on the precipice," assistant city manager Lori Sassoon said during Wednesday night's meeting of the Measure Z Oversight Committee.