Thought things were bad with the city’s finances?

…Well it’s about to get worse.

Or, at least that’s what the city Finance Director Elray Konkel is hinting at.

He said today that 2009’s budgeted revenues are now expect to be “substantially lower than projected.”

Konkel will reveal the new projections at a special city finances workshop on Wednesday. The meeting starts at 5 p.m. and precedes the regular City Council meeting at 7.

The city’s already noted that ’08’s year-end cash balance came in at about $1.2 million under projections. The new numbers spurred talk last week of a 15 percent cut to the operations budget, including possible layoffs.

The new projections for ’09 will likely lead to another round of cuts.

I’ll keep you posted.