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San Francisco budget office flags $487 million five-year shortfall; proposes mix of savings, slower growth and new revenues
Summary
Mayor—s budget director told the Board of Supervisors Budget & Finance Committee the city faces a $487 million five-year gap, noting revenue growth of roughly $578 million but expenditure growth of about $1.1 billion; proposed strategies include departmental savings, limits on non-personnel inflation, reduced capital baselines and possible new revenue such as a local VLF estimated at $55M.
Kate Howard, the mayor—s budget director, told the San Francisco Board of Supervisors Budget and Finance Committee on March 13 that the city—s proposed five-year financial plan projects a $487,000,000 structural gap and outlines a mix of cost controls and revenue options to close it.
The plan—s base case assumes the FY2013-14 budget adopted last year as the starting point and projects roughly $578,000,000 of revenue growth over five years while estimating expenditures will grow by about $1.1 billion, driven largely by salary and fringe benefit costs. "The plan identifies a gap between revenues, and expenditures over the 5 year period of $487,000,000," Howard said.
Why it matters: the gap reflects a structural imbalance the administration says requires a combination of strategies rather than one-time fixes. The presentation said the mayor—s office and controller—s staff jointly prepared the projections and that the plan assumes conservative revenue growth in years three…
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