Mayor Luke Ravenstahl will be speaking about his revised budget plan for the city today.

It is expected that this new plan will include extensive service cuts that the mayor has predicted will be needed with the state takeover of the city’s pension fund.

The mayor’s plan, presented to Council today, will also include a five-year plan for major improvement.

The clock is ticking on trying to find a solution on the city’s pension funding crisis and how the city will come up with the money that it needs to solve it.

The city has to boost pension funding to 50 percent by Dec. 31 or hand control of the system to the state’s Municipal Retirement Board.

A state official told council last week that the city could still face rising costs even under a state takeover.

At first, the mayor proposed the plan dealing with city parking garages and meters. That plan was rejected by Council.

Council came up with its own plan to sell parking assets to the Parking Authority, but that authority, appointed by the mayor, rejected that plan.

The mayor is expected to tackle all of this and more as he addresses Council today.

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