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City offices report improved shortfall but warn of large longer-term gaps
Summary
Comptroller Ben Rosenfield and the mayor—s budget office told the Budget & Finance Committee the two-year shortfall improved to about $250 million from $350 million, driven by revenue gains and property-tax revisions, but pension losses and rising personnel costs push larger deficits in later years.
Ben Rosenfield, San Francisco—s comptroller, told the Board of Supervisors— Budget & Finance Committee that the city—s joint five‑year financial update shows improvement in the near term but worsening gaps later in the forecast. "We project a $250,000,000 shortfall during the next two years as opposed to the $350,000,000 we expected in November," Rosenfield said, citing stronger current‑year revenue and a revision to the property‑tax forecast.
The report…
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