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Committee forwards five-year financial plan to full board after federal aid improves near-term outlook
Summary
The Budget and Appropriations Committee voted to send a resolution adopting the city's five-year financial plan to the full board with a positive recommendation after staff said the March update, which incorporated $636 million in American Rescue Plan direct local aid, improved the near-term projection but left structural deficits once one-time aid ends.
Ashley Grafenberger, the mayor's budget director, told the Budget and Appropriations Committee on April 21 that the city's December baseline projection showed a roughly $653 million shortfall for the upcoming two-year budget window, driven by slow revenue recovery, wage and benefit assumptions, and ongoing COVID-19 response costs.
"That $653,000,000 shortfall that we were projecting in December informed the instructions that the mayor issued to departments," Grafenberger said. She said the March update incorporated new information ' including…
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