Oakland has enlisted the help of budget experts Deborah Edgerly and Ben Rosenfield to tackle its severe financial crisis, marked by a projected structural deficit exceeding $120 million in the next two years. Their contracts, which do not exceed $250,000 each, did not require City Council approval. The city has struggled since losing COVID relief funds and delayed revenue from the Coliseum sale, leading to significant budget cuts and a downgrade in credit rating. The urgency arises from ongoing mayoral vacancy and the need for a stable fiscal strategy.
Oakland's hiring of budget consultants Deborah Edgerly and Ben Rosenfield aims to address a structural deficit exceeding $120 million, as the city struggles with financial stability.
The city's attempts to cover its budget shortfalls, including selling the Coliseum, faltered, necessitating the hiring of external financial experts to devise a sustainable fiscal strategy.
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