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City controller: nine-month report shows modest improvement but $35M revenue gap remains
Summary
Controller Ben Rosenfield told the Budget & Finance Committee the city is roughly $35 million below budgeted general-fund revenues at the nine-month mark but has secured about $24.7 million in additional operating savings and one-time property-tax and transfer-tax gains that partly offset the shortfall.
The city controller told the Board of Supervisors' Budget and Finance Committee that San Francisco remains about $35 million below its budgeted general-fund revenue at the nine-month point in the fiscal year, but that department spending reductions and one-time property-related receipts have narrowed the gap.
"We remain about $35,000,000 below the budgeted level for revenue in the current fiscal year," Ben Rosenfield, city controller, said in presenting the third-quarter report. He said departments are projecting roughly $24,700,000 in additional operating savings following midyear spending reductions.
Rosenfield said revenue variances are mixed. The assessor's office…
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