Modifiers | GMATPREP

Can anyone check my reasoning below:

Faced with an estimated $2 billion budget gap, the city's mayor proposed a nearly 17 percent reduction in the amount allocated the previous year to maintain the city's major cultural institutions and to subsidize hundreds of local arts groups.
(A) proposed a nearly 17 percent reduction in the amount allocated the previous year to maintain the city's major cultural institutions and to subsidize - Correct
(B) proposed a reduction from the previous year of nearly 17 percent in the amount it was allocating to maintain the city's major cultural institutions and for subsidizing - Reduction from previous year is a misplaced modifier. It should modify amount allocated. It has no referent. The main sentence doesn't mention who allocated the amount. Also was allocating is incorrect because this action was already performed and not continuing during the proposal.Also lack of parallelism between for subsidizing and to maintain since both talk about the usage of allocated money.
(C) proposed to reduce, by nearly 17 percent, the amount from the previous year that was allocated for the maintenance of the city's major cultural institutions and to subsidize - Parallelism issue as in B. Also change in meaning. The mayor proposed the reduction and not propose to reduce.
(D) has proposed a reduction from the previous year of nearly 17 percent of the amount it was allocating for maintaining the city's major cultural institutions, and to subsidize - Wrong usage of it. Same as in B. Was allocating is incorrect as in B. Parallelism issue as in B. Misplaced modifier from the previous year.
(E) was proposing that the amount they were allocating be reduced by nearly 17 percent from the previous year for maintaining the city's major cultural institutions and for the subsidization - Incorrect pronoun they. No clear referent. Was proposing is incorrect. From the previous year changes the meaning that 17% be deducted from the previous year which isn't the intended meaning.

Let me know if I missed something?