Correction to "City Faces Major Shortfalls, Finance Director Warns"

In an earlier version of the article "City Faces Major Shortfalls, Finance Director Warns," Finance Director Mike Dennis was incorrectly quoted as saying, "For two years, the city has lost money on their investment portfolio instead of gaining money."

What Dennis said was that the state-managed Public Employees Retirement System (PERS) has experienced two years of investment losses on funds paid to them by the City on behalf of its employees.

Dennis subsequently added that for the past two years, the City has realized interest earnings of + 5.25 percent (for fiscal year 2000/01 that ended June 30, 2001) and + 4.32 percent (for fiscal year 2001/02 that ended June 30, 2002) on those funds directly invested by the City.