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Mayor's rebalancing plan would rely on reserves and one-time shifts; supervisors press for housing and childcare safeguards
Summary
The Mayor's Budget Office told the committee a $250 million current-year gap is being addressed largely with one-time measures including capital-project shifts, ERAF reallocations and a $78 million draw of the general reserve. Supervisors and the Budget & Legislative Analyst pressed for clarity on housing bond shifts and childcare impacts.
The Mayor's rebalancing plan to close a current-year fiscal shortfall relies heavily on one-time adjustments, reallocated prior-year ERAF funds and the maximum permitted draw from the city's general reserve, Deputy Budget Director Ashley Grafenberger told the Budget & Appropriations Committee on June 3.
Grafenberger summarized the city's budget outlook: the controller and analysts project roughly $1.7 billion in shortfalls over the next three years and a $250 million current-year gap. To address that gap the mayor's plan combines capital-project reductions (about $52 million), departmental savings (about $39 million), reallocated ERAF funds…
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