Here's the video of San Jose Mayor Chuck Reed's State of the City address last night.

The San Jose Mercury News described the speech as a "dire talk," with Reed asserting massive layoffs unless city employees agreed to concessions in their pay and benefits.

Here's Reed putting the city's dilemma in stark terms, as he sees it, saying, "There is no more money. The well is dry. The $445 million we're spending on public safety this year, is more than we will receive in revenues from the property tax, the sales tax, the utility tax, and phone tax combined."

Chuck Reed: "There is no more money"[audio:http://ww2.kqed.org/news/wp-content/uploads/sites/10/2011/02/Reed.mp3]

Full text of the speech here.

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San Jose State of the City AddressSan Jose State of the City Address

Watch San Jose Mayor Chuck Reed's "Dire" State of the City Address