In all of my years of service to the City of Los Angeles, I have never seen a financial crisis such as the one our great City faces today.  In response to the global economic crisis, revenues have drastically declined by over $300 million, the State has withheld over $100 million in local funds, and if the ballot measures do not pass on May 19th, the State will undoubtedly withhold even more.  Concurrently, the City's payroll and pension costs have soared.  We have reached a breaking point.  If significant and structural changes are not implemented quickly, the City's financial solvency is at significant risk.