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City projects $720M two-year gap; mayor instructs departments to find cuts
Summary
Mayor's Budget Office and the Controller presented a revised five-year forecast showing a roughly $720 million two-year shortfall driven by weaker revenues (office vacancy, transfer tax) and rising pension and benefit costs; departments were told to identify 5% general-fund reductions in year one and 8% in year two.
City budget officials told the Budget & Finance Committee on Jan. 25 that the five-year financial forecast shows a challenging outlook: a projected two-year general-fund gap of roughly $720 million and a longer-term growth in projected deficits driven by declining revenues and rising costs.
Director Dunning (Mayor's Budget Office) and Michelle Eller Smyth (Controller's Office) said the principal…
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