San Jose says it closed a $35.6 million shortfall and cut next-year deficit in half
Summary
An unidentified speaker said the city closed a $35.6 million general-fund shortfall and reduced the next year's projected deficit from $52.9 million to $25.2 million, while protecting core services and securing top-tier bond ratings with a clean audit.
An unidentified city speaker described what the administration called a successful fiscal year, highlighting deficit reductions and credit ratings.
"San Jose successfully closed a $35,600,000 general fund shortfall and reduced our projected deficit for the following year by half from $52,900,000 to $25,200,000," the speaker said, adding that core services were protected and targeted investments made. The address credited disciplined fiscal management, service trade-offs and staff efforts to control costs.
The city said all three major credit rating agencies reaffirmed San Jose's top-tier bond ratings and that the city received a clean financial audit with no findings. The speaker tied fiscal stability to the ability to continue investments in priority areas.
The address did not specify the exact measures taken to achieve the savings, the departments affected by trade-offs, or the ongoing budget schedule; these details were not provided in the speech.
