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Committee forwards updated five-year financial plan after improved revenue outlook
Summary
City budget officials told the committee an updated five-year financial plan shows a two-year combined deficit of about $156 million (an improvement from January), thanks largely to stronger transfer tax revenue and updated controller balance figures; the committee forwarded the plan to the full Board.
SAN FRANCISCO — The Budget and Finance Committee reviewed an update to the city—s five‑year financial plan on April 10 and voted to send the document to the full Board with a positive recommendation.
Kelly Kirkpatrick of the Mayor—s Budget Office and Controller Ben Rosenfield presented a March update that reduced the combined two‑year deficit to about $156 million (roughly $30.6 million in FY2019–20 and $125.5 million in FY2020–21), an improvement of about $115 million from January projections. Officials cited stronger transfer tax receipts and a controller-identified current‑year balance as the principal drivers of the improved near-term outlook.
The presenters warned of material risks that could change the projection, including pension investment returns, labor negotiations, state-level cost-shifts (notably IHSS), and the uncertain distribution of any future state housing or homelessness funds. The plan does not assume ballot measures except for those that are already qualified; City College—s proposed charter amendment was noted as an example of a future fiscal action not included in the baseline projection.
The committee voted to forward the five‑year financial plan to the full Board with a positive recommendation for consideration in the upcoming budget cycle.
