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City controller reports modest improvement in fund balance but two‑year shortfall remains large
Summary
The Controller's six‑month budget status report showed an improved projected fund balance (about $76–77 million) that could reduce a two‑year shortfall from $728 million to about $652 million, but officials warned large gaps remain due to weak property transfer tax and major police overtime pressures.
The San Francisco Board of Supervisors' Budget & Appropriations Committee heard a six‑month budget status update that showed a roughly $76–77 million improvement in the projected general fund balance, but city officials said large structural shortfalls remain and difficult choices lie ahead.
The controller's office presentation, published Feb. 15, showed a $30 million positive variance in revenue compared with the adopted budget and called out strength in hotel and sales taxes and higher interest income. "That's an increase versus the budget, in our projected fund balance of about $77,000,000," the controller's presenter told the committee. At the same time, the report flagged a pronounced weakness in the real property transfer…
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