Controller calls mayor's revenue assumptions reasonable but flags transfer‑tax risk
Controller Ben Rosenfield judged the mayor's revenue estimates reasonable but warned they depend on continued economic growth, noted transfer‑tax weakness and that reserves remain below policy targets, urging monitoring as budget deliberations proceed.
The full story
Controller Ben Rosenfield presented the office's revenue letter to the Budget & Finance Committee, endorsing the mayor's high‑level revenue assumptions as broadly reasonable while emphasizing key risks. Rosenfield said the budget assumes continued economic growth and highlighted the city's exposure to commercial real‑estate weakness through transfer tax volatility — transfer tax receipts were roughly $50 million lower in the current year compared with last year and remain the city's most volatile single revenue source.
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