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Controller projects $172M year‑end General Fund balance; two‑year shortfall trimmed to $148M
Summary
The controller’s nine‑month report projects a $172 million General Fund ending balance and a $43.3 million improvement versus the six‑month forecast, trimming the city’s two‑year shortfall to approximately $148 million and $290 million for FY2012–13 and FY2013–14. The committee filed the report and continued a related budget‑instruction item.
The Budget and Finance Committee on Tuesday filed the controller’s nine‑month budget status report, which shows a stronger‑than‑expected local economy and a projected $172,000,000 General Fund ending balance for the current fiscal year.
The controller’s office told the committee the $172 million outlook is about $43 million better than the six‑month projection and reflects roughly $20.7 million in improved tax revenue — driven primarily by payroll taxes and higher property transfer taxes — along with about $42.4 million in net departmental operating savings, of which roughly $34 million is attributable to the Human Services Agency (HSA).
“The $43 million in good news is being driven almost in even parts by improvement in our local revenue picture and departmental expenditure savings,” Mr. Rosenfield of the controller’s office said, summarizing the report.
Nut graf: Why it matters — the improvement reduces but does…
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