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Plan for erasing deficit unveiled Friday
By: Will Reisman
10/29/09 12:09 PM PDT
Even though it raised tolls just last year, the Golden Gate Bridge District is once again in a financial mess, and on Friday, financial analysts will unveil a game plan for the cash-strapped district to get out of the red.
Due to decreased ridership and heavy investment in capital projects,the bridge district faces a five-year, $137 million projected budget deficit, even though a $1 toll increase last September was supposed to wipe out a then-deficit of $91 million over five years.
On Friday, a report from a special revenue panel will be heard at the bridge district’s board of directors meeting. Following the report, the bridge board could approve a “financial plan for achieving long-term financial stability,” according to district documents.
If that “financial plan” includes another toll increase, remains to be seen.
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