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Controller: $59 million improvement narrows San Francisco—s budget shortfall; reserves still below target
Summary
The Controller's Office reported a roughly $59 million improvement in the current-year forecast, reducing a multi-year shortfall but leaving economic stabilization reserves at about 6.2% of general fund revenues versus a 10% target; the committee filed the six-month status report and asked for an updated forecast the week of March 20.
The San Francisco Controller's Office told the Board of Supervisors Budget and Finance Committee on March 2 that the city's six-month forecast shows an improvement of about $59,000,000 over the prior projection, narrowing a multi-year shortfall the committee will consider this spring.
"We're projecting an improvement in the current year's ending balance of about $59,000,000 compared to our last projection," Controller's Office presenter Michelle Ellersma said, attributing most of the change to stronger property tax receipts as well as departmental savings and citywide salary savings from hiring delays.
The Controller's Office said the improvement reduces the combined…
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