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Budget and Finance Committee hears March revision to five-year financial plan; two-year shortfall reduced, long-term gap remains
Summary
The Mayor's Budget Office and controller presented a March revision that narrows a two-year shortfall to about $137 million but warns of a structural deficit exceeding $600 million in later years driven by pensions, health care and IHSS cost shifts; the committee continued the item to the call of the chair.
The Budget and Finance Committee on Wednesday heard a March update to the Mayor's and Controller's joint five‑year financial plan that narrows the immediate two‑year shortfall but leaves a large structural gap in later years.
"The March update reduces the upcoming two‑year deficit to a $137,000,000," Kelly Kirkpatrick, acting budget director for the mayor, told the committee during a presentation prepared jointly with the controller's office and the Budget and Legislative Analyst's office. She cautioned the committee that the improvement relies heavily on one‑time sources and that "there's still a really significant deficit in years 3 and 4, reaching nearly over $600,000,000."
Kirkpatrick said the March revision reflects several changes since December, most notably the addition of more than $60,000,000 in one‑time fund balance identified in the controller's six‑month report…
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