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City budget offices project $1.7 billion shortfall over two years as COVID-19 drains hotel, business taxes
Summary
City Controller Ben Rosenfield and the Mayor's Budget Office told the Budget and Appropriations Committee the city now projects $1.7 billion in revenue losses over a 26-month period, with a $250 million current-year shortfall the mayor plans to address with a rebalancing plan.
City financial officers told the San Francisco Budget and Appropriations Committee on May 13 that the city now projects a $1.7 billion revenue shortfall over the two-year budget period as the COVID-19 pandemic sharply reduced hotel and business tax receipts.
City Controller Ben Rosenfield said the offices "have settled on a single number, of 1,700,000,000.0" in projected revenue losses across the two-year planning window. He said property tax has held up in the short term, but losses in business taxes and hotel taxes have driven the outlook: business taxes are down roughly $200,000,000 for the year and hotel tax revenue is facing an immediate and severe drop, with an estimated $150,000,000 weakness…
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