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Mayor's proposed budget and controller's revenue letter outline multiyear shortfall and balancing strategies
Summary
The Mayor's budget office presented a proposed FY 2011' 2012 budget relying on a mix of one-time funds, revenue growth and expenditure reductions; the controller's revenue letter called the mayor's revenue assumptions reasonable but flagged a projected structural shortfall of roughly $350 million next year and outlined multiyear measures and potential ballot items to close it.
The Budget and Finance Committee received a high-level overview of the mayor's proposed FY 2011' 2012 budget and a separate revenue letter from the Controller's Office that assessed the proposal's revenue assumptions.
Greg Wagner, the mayor's budget director, said the budget closes a structural shortfall through a combination of revenue improvements, one-time or nonrecurring sources and about 56 percent of the solutions on the expenditure side. Wagner cited a rebase of capital spending (about $35 million in one-year capital reductions), restructuring of debt…
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