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Controller says mayor—s forecast reasonable but warns of $500M structural shortfall
Summary
City Controller Ben Rosenfield told the Budget & Appropriation Committee the mayor—s revenue forecast is reasonable but relies heavily on one-time funds and reserves; he warned of an estimated structural shortfall of about $500 million outside the two-year budget that will require active monitoring and management.
Ben Rosenfield, city controller, opened the June 14 Budget & Appropriation Committee meeting with the office—s revenue letter, the charter-required review of the mayor—s proposed budget. Rosenfield said the administration—s economic forecast is reasonable but stressed major risks: continued slow growth, remote-work impacts on taxes tied to downtown activity, and large dependence on one-time solutions and federal…
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