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Budget committee reviews five-year financial plan and new recession scenario
Summary
City budget staff told the San Francisco Board of Supervisors— Budget and Finance Committee that revenues are projected to grow but expenditures are expected to outpace them, creating multiyear shortfalls; the plan now includes a recession scenario that could wipe out nearly a billion dollars in growth over three years. Updated numbers are expected in the coming weeks.
The San Francisco Board of Supervisors Budget and Finance Committee on its first 2015 meeting reviewed a proposed five-year financial plan showing strong near-term revenue growth but larger expenditure increases that create a structural budget gap.
Kate Howard, the mayor—s budget director, told the five-member committee that the plan projects roughly 13% revenue growth over five years while expenditures could grow about 23%, producing the multi-year shortfalls the city will need to address. "The gap between the 13% growth in revenues and the 23% growth in expenditures really is the problem statement," Howard said.
The plan is a joint projection prepared by the mayor—s budget office, the controller—s office and the board—s budget and legislative analyst—s office. Howard said it incorporates known changes including funding for the new San Francisco General Hospital,…
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