Seattle Mayor Mike McGinn warned of mid-year cuts, utility-rate increases and city staff layoffs in a budget update Thursday afternoon.

"I think it's important to note that everything's on the table here," he said.

McGinn spoke in a press conference about his plan to rearrange the budget and finance offices, but he didn't make any concrete announcements about his plan to fix the city's projected $50 million general-fund shortfall.

Budget shortfalls in the past couple of years were filled with one-time money, Budget Director Beth Goldberg said during the press conference. With only $10 million left in the city's rainy-day fund and revenues falling short of expectations again in 2010, the city's going to have to look at more permanent cuts.

"The challenge that we're facing now ... is once they are gone, they are gone until you replenish them," she said.

McGinn started his term by threatening to cut 200 executives and advisers from the city payroll by the end of March. He backed off on that, saying he would roll them into mid-year cuts.

Thursday he seemed to back off even further, saying he thought he would cut or demote 200 positions by the end of four years. He did warn there might be some mid-year layoffs at City Hall.