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Controller reports $41.6M projected year-end balance; property transfer tax weakness highlighted
Summary
Controller Ben Rosenfield told the Budget & Finance Committee the city projects about $41.6 million in general fund balance at year-end, with notable revenue strength in hotel, business and sales taxes but a sharp decline in property transfer tax to about $91.6 million.
Ben Rosenfield, San Franciscos controller, briefed the Budget & Finance Committee on the offices nine-month budget status report, saying the city currently projects a roughly $41.6 million general-fund balance at fiscal year end — about $34 million better than earlier estimates.
Rosenfield said the city is seeing above-budget growth in property taxes, hotel tax (roughly 12.6% growth), business registration and sales tax, but that property transfer tax collections…
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