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San Francisco projects $108.1 million two-year surplus; mayor urges no net general-fund growth
Summary
The mayor's budget office told the Budget & Appropriations Committee the city now projects a $108.1 million surplus over the next two years, driven by transfer taxes, strong investment returns that lowered pension costs, and targeted one-time investments; the mayor's instructions ask departments to reprioritize rather than grow general-fund support.
Ashley Grafenberger, the mayor's budget director, told the Budget and Appropriations Committee that the city's fiscal forecast has improved and that her office is "projecting a surplus of $108,100,000" for the upcoming two budget years. The improvement reflects higher general-fund revenues, reduced pension costs after strong investment returns, and one-time funding sources included in the forecast.
Grafenberger said the forecast will inform the mayor's budget instructions, which emphasize restoring downtown vibrancy and improving core service delivery while not asking departments to increase their net general-fund support. "We are not asking departments to make…
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