Philadelphia Mayor Michael Nutter last week announced that the city faces a $1 billion deficit over the next five years and a $108 million gap in the $4 billion fiscal 2009 budget due to declining revenues.

Officials are addressing the budget strains while working on a $350 million tax and revenue anticipation note sale that will price in the next couple of weeks and a $185 million new-money general obligation deal that will sell in early December, said finance director Rob Dubow. The GO bond proceeds will support infrastructure upgrades.

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