Newark Mayor Cory Booker celebrated his one-year anniversary in office at City Hall Friday and addressed some of the challenges he faces in the year ahead.

At a news conference, Booker outlined some of the struggles facing Newark.

?Next year we are looking at a $50 million to $80 million deficit,? Booker said.

According to Booker, revenues from the Port Authority are no longer available. He also said there has been a $30 million increase in city workers? pensions and insurance.

With all the lost money, Booker said there could be a workforce reduction in the city. ?If we get to a workforce reduction and we eliminate city workers, we?re going to do this the right way, the responsible way,? Booker said.

Booker said if jobs are eliminated, the city will do whatever it can to help find new jobs for displaced workers.

Booker took over the office last July as the third Newark mayor in 36 years.

For footage of Booker?s speech, go to channel 612 on your iO digital cable box and select iO extra.