The revelation of the shortfall comes just a week after The Oregonian/OregonLive reported that city budget officials are projecting a separate $16 million deficit to Portland’s general fund due in large part to the city receiving less business tax revenue than expected. Sean Meagher/The OregonianPortland officials on Tuesday disclosed a gaping budget hole in the city’s homeless shelter system while insisting that serious service cuts will be avoided through “creative and efficient cost saving measures” and a “reimagination of best use of funds.”The system, comprised of both emergency overnight and alternative shelters, faces a combined $11 million shortfall after the city was unable to secure a tranche of state funding it was counting on, City Administrator Mike Jordan wrote in a budget memo to members of the Portland City Council.