San Francisco’s budget solved an imminent deficit but sets up tough years ahead. If approved, this year's budget will only prolong harsh cuts.
The conclusion of endless public hearings and late closed-door budget negotiations should be met with a collective sigh of relief.Despite closing a massive deficit as they finalized a $14.6 billion budget, city leaders punted on making harsh cuts this year, leaving the coming years looking especially grim.negotiations with Mayor London Breed last week, closing a $780 million deficit over the next two years without slashing critical city services.
By sparing the hatchet, legislators and Breed are, in essence, betting on the future of San Francisco. The City’s structural deficit is expected to exceed $1 billion before the end of the decade — unless it can turn its economy around. “The hope is that in the long run, San Francisco is a city that does bounce and is an economic center,” Cretan said.
Ex // Top Stories Real estate firm sues SF for overtaxing 2 hotels it already sold The company is seeking $8 million from The City It closed a $780 million two-year deficit — the largest The City has faced since the Great Recession — through myriad measures rather than one sweeping cut. Ultimately, legislators and Breed struck a deal allowing Breed to use up to $30 million of the interest accumulated in The City’s dedicated child-care fund. That compromise allowed Breed to cover her priorities but ensured the fund would not be mined for other purposes in the future.
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