City Budget Woes

What should be done to fix the City's budget deficit?

I would like to know how many police chiefs we actually need. That would just be a dent in the budget shortfall, but it would be a good start. There needs to be a combination of efforts: budget cuts, fee increases, and dare I say a tax increase. Unless someone (I am looking at the Republicans on council) care to propose what can be cut without killing social services or city development, I don't see how some revenue increase is avoidable.