The Great Recession of 2008 caught the city off-guard.
"It pretty quickly turned and required some really drastic action," said Finance Director Rob Dubow. He recalls painful service cuts. In an effort not to repeat history, his office is already testing different scenarios.
Budget Director Marissa Waxman says not only would tax revenue decline but the demand for city services could increase.
"We see different areas where, you know, the Office of Homeless Services might have more needs in a bad economy or the Department of Human Services, the Department of Public Health," she said.
Waxman says deficits could hit $100 million by 2022.
On the upside, the city's liquid assets are healthier and, for the first time, it's put $34 million into a reserve fund to help it weather a recession. But the officials say there's more work to be done to prepare.