Councillors in Saint John are holding a special meeting today to try and find a solution to the city`s budget shortfall.

Councillors have been warned they need to find $2.3 million in savings or raise property taxes in its upcoming budget.

The financial picture isn't pretty for the city. Saint John's tax base increased by just 0.5 per cent, revenue from building permit fees is expected to drop by $80,000 and parking and ticket revenue is also expected to fall by $300,000.

Meanwhile, costs to maintain transit, police and fire services at current levels are going up.

Matthew Bingley is live tweeting from the meeting.