Seattle Mayor Greg Nickels' staffed briefed the City Council today on about $6 million in budget cuts to make up for a drop in projected real estate excise tax revenue this year.

There is no source of money to cover this loss, said Dwight Dively, the city's budget director. The 2009 budget was passed during much more prosperous times -- last year. While REET revenue has been averaging about $40 million annually, it's now at about $20 million.