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City office projects $170M shortfall next year, cites transfer‑tax boom and state/federal risks
Summary
San Francisco Controller Ben Rosenfield told the Budget and Finance Committee the city faces a projected $170 million general fund shortfall in the coming fiscal year that grows in later years; gains from a historic transfer‑tax year could fund reserves but long‑term pension, health and state/federal funding risks keep the plan precarious.
Ben Rosenfield, the city controller, told the Budget and Finance Committee that a joint report from his office and the Mayor’s Budget Office projects a $170,000,000 general‑fund shortfall for the next fiscal year and significantly larger gaps in subsequent years. "Our offices now project $170,000,000 general fund shortfall next fiscal year," Rosenfield said, adding that the deficits rise under current policy choices.
The report attributes much of the short‑term improvement to stronger local tax receipts, led by an unusually large year of property transfer taxes. Rosenfield said the city expects to collect about $170,000,000 in transfer taxes this fiscal year and projects that number could reach $195,000,000 next…
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