One week after the city’s finance director warned that budget cuts would be forthcoming because of a $40 million-plus revenue shortfall, we just got first word of what will be affected. First major West Seattle effect: The project to replace Fire Station 32 in The Junction is likely on hold till at least 2011. Read on for more details, and what else was revealed in this morning’s briefing:

The cuts announced at this morning’s City Council Budget Committee briefing by city Finance Director Dwight Dively (see his presentation document here) are related to a drop in a city funding source that helps pay for “capital” projects – the Real Estate Excise Tax (REET).

REET money is only part of what’s been paying for the city’s fire-station replacement/renovation program, but like several other major categories of capital spending, this one is feeling the effects of the REET drop.

The new Fire Station 32, on Alaska a block east of Fauntleroy, was in the “pre-design” phase, and construction was projected to start next year. However, the budget cuts are likely to delay it until at least 2011 (although Dively mentioned the possibility that “debt financing” could be pursued for projects that are affected by these cuts). West Seattle’s other fire station project — the replacement of Station 37 near High Point — is NOT expected to be affected; construction of the new FS 37 at 35th/Holden is still scheduled to start later this year.

Other West Seattle projects potentially affected are under the wing of the Parks Department; Dively’s presentation included $100,000 less for Colman Pool renovations in 2010 (the full $180,000 allocated this year is staying, and the $100K cut next year leaves $620K left for the project next year). Money also has been taken from the West Seattle (Westcrest) Reservoir park design and the Delridge Playfield renovations, although both also were listed as Parks Levy projects so we will be following up with Councilmember Tom Rasmussen’s team (he chairs the Parks Committee) to clarify their status.

Also, the city library system is losing $750,000 in REET money, two-thirds of what it had been counting on; Dively said it would be up to Seattle Public Library leadership to determine how to spend the $500,000 remaining. (West Seattle has four library branches.)

Another round of planned cuts will be discussed next Monday morning – it’ll be another special meeting of the Budget Committee, 10:30 am Monday 4/20, this time to look at the mayor’s plan to reduce spending related to the city’s General Fund. As was noted during this morning’s meeting, budget cuts come from the mayor, not the council, so if you have a comment about what’s been announced so far or what’s yet to come, here’s how to contact him.