Milwaukee Mayor Tom Barrett presented his proposed 2010 budget to the city’s Common Council last Thursday, outlining his plans to diversify city revenue sources and prioritize creative approaches to reduce structural costs.

Barrett’s budget also includes plans to cut 380 city jobs to eliminate $35 million from the operating budget’s baseline. Pursuing new grant resources, such as federal stimulus funds, is another priority.

Barrett mentioned a Public Policy Forum report released last month in his address, repeating the forum’s conclusion that Milwaukee’s government is well managed and the city is able to avoid some difficulties other large cities are facing.

Unfortunately, the forum also reported Milwaukee’s relative fiscal stability is in danger because of a lack of diverse income sources.

In his address, Barrett detailed his plans for diversification. These included the city receiving a share of a county sales tax, asking the state to reconsider its formula for determining transportation aid and initiating a Common Council proposal for a red light traffic enforcement program.