Committee hears five-year plan update; January's $108M surplus revised to about $75M
The city's March update to the five-year financial plan lowers a January-projected $108 million surplus to roughly $75 million, citing higher pension and workers' compensation costs and slower revenue recovery; supervisors pressed staff on reserves, FEMA timing and telecommuting assumptions.
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The San Francisco Budget and Appropriations Committee heard a March update to the city's five-year financial plan on April 13, during which the mayor's budget office said a previously projected $108,000,000 surplus for the upcoming budget years is now "slightly less now at about 75,000,000." Ashley Grafenberger, the mayor's budget director, presented the update alongside staff from the controller's office and the budget and legislative analyst.
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