New Haven Mayor Justin Elicker will present his budget plan on Monday.
Since his election in November, Elicker has been working with a transition team to put together the city's budget.
The mayor said his plan includes cutting vacant positions as well as "moderately" raising taxes to help tackle the city's financial problems.
"For years, we've had leadership over decades that has kicked the can down the road and refinanced debt, borrowed a lot of money and not fully funded our pensions," Elicker said.
"It's a budget that's not going to make anyone happy, but what it's going to do is put us on the right path," Elicker continued.
Elicker also called on city partners like Yale University and Yale New Haven Hospital to increase their financial contributions.