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Controller: Six-month report shows $98M improvement but COVID-19 threatens city revenues
Summary
City Controller Ben Rosenfield told the Budget and Appropriations Committee the six-month status report showed roughly $98.1 million in improved ending fund balance driven by public health and human services gains, but early COVID-19 indicators — from SFO landings to Moscone cancellations — point to near-term revenue losses to be quantified next week.
The Budget and Appropriations Committee heard a six-month budget status report on March 11 from City Controller Ben Rosenfield, who said the city recorded about a $98.1 million improvement in ending fund balance but warned that the economic effects of COVID-19 will likely reduce revenues in the coming quarter.
"We do see, good news in the 6 month report ... about a $98,100,000 improvement in ending fund balance," Rosenfield said, attributing most of the improvement to the Department of Public Health and the Human Services Agency. He said public health accounted for roughly $60 million of the gain and the human services agency about $20 million.
Why it matters: Rosenfield said the three fiscal offices had earlier projected a $419 million two-year shortfall; applying the six-month improvement would reduce that projection to about $321 million, but he emphasized that…
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