Baltimore Mayor Stephanie Rawlings-Blake on Monday announced the first of a series of fiscal reforms designed to head off a financial nightmare that a recent projection suggested could be heading the city’s way.

Rawlings-Blake’s plan, outlined in her state of the city address, includes increasing the city’s borrowing capacity, increasing reliance on pay-as-you-go funding, and pension reforms. The mayor stressed the need to act before Baltimore runs into serious trouble in the future, after recently released a ten-year fiscal forecast her office commissioned from Philadelphia-based Public Financial Management, Inc. showed the city facing a nearly $750 million budget shortfall by 2022.

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