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Mayor’s budget office warns of multi‑year deficits; lists redevelopment, state cuts and pension reform as key risks
Summary
Rick Wilson, the mayor’s budget director, told the committee the city is a third of the way into FY2011‑12, has addressed an earlier projected deficit, and faces a preliminary FY2012‑13 general‑fund shortfall of roughly $350 million absent additional measures. He flagged redevelopment payments, state trigger cuts and labor agreements as the main risks.
Rick Wilson, the mayor’s budget director, updated the Budget and Finance Committee on the city’s fiscal outlook, saying the city is three months into fiscal year 2011‑12 and is ‘‘just starting up the planning process’’ for the next budget cycle. He told supervisors the administration closed a projected deficit earlier in the year but that structural pressures remain, driven largely by employee wage and benefit costs.
Wilson said the administration has set aside a $15,000,000 general‑fund reserve for state budget impacts and a $2,600,000 reserve in the children’s fund to blunt recent state cuts, but warned those buffers may not be…
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