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Controller reports $125M projected general‑fund improvement; warns of fragile, shifting revenue picture
Summary
Controller Ben Rosenfield's six‑month status report showed a projected $125 million general‑fund ending balance driven mainly by a handful of state and federal actions (excess ERAF guidance, redevelopment distributions, DPH federal revenue extension and behavioral health reconciliation) and stronger transfer‑tax receipts; Rosenfield cautioned that hotel, sales and business taxes remain weak and federal stimulus and state actions are key uncertainties.
Controller Ben Rosenfield told the Budget and Appropriations Committee that the city's six‑month budget status report projects a roughly $125 million general fund ending balance in the current fiscal year, an improvement from the three‑month outlook.
Rosenfield said much of the positive movement stems from a few material items: final guidance from the State Controller on excess ERAF calculations (net benefit to the city of about $50 million in the current year); state rulings on successor‑agency/redevelopment distributions that freed roughly $20–30 million in property tax for the city this year; an extension of disproportionate‑share and related hospital revenue in federal legislation that yields…
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