San Francisco’s deficit would have been a lot worse if Mayor Ed Lee had not been able to come up with a pension cost-cutting measure this November, but he still faces a challenging balancing act.
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You know the economy is still in the can when city officials see a $263 million budget deficit as good news.
The latest projections from Mayor Ed Lee’s office show next fiscal year’s budgetary bloodshed won’t be as bad as originally thought. Budget forecasters had originally estimated a $350 million deficit.
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To no one’s surprise, members of the Joint Select Committee on Deficit Reduction, aka the supercommittee, announced Monday that they had failed to agree on a $1.2 trillion debt reduction plan. As a result, no additional spending cuts or tax hikes will go into effect this year. True, there are $1.2 trillion in mandated spending sequestrations that will begin to take effect in 2012, but these are almost guaranteed to be repealed by a future Congress.
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Jerry Brown sought his second stint as governor last year by promising to balance California’s deficit-riddled budget without gimmicks.
“Our state is in a real mess, and I’m not going to give you any phony plans or snappy slogans that don’t go anywhere,” Brown said in one ad. “We have to make some tough decisions.”
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Enforcing parking meters on Sunday, raising ticket citations by $3 and increasing single-ride fares by 25 cents are some of the ideas being considered by the San Francisco Municipal Transportation Agency to help make up its two-year budget deficit of $79.7 million.
The SFMTA, which operates Muni, released its budget projections for the next two fiscal years Thursday. Like years past, the agency is considering balancing its budget by passing on higher costs to its customers.
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The House Armed Services Committee recently sent President Barack Obama a report outlining cuts the military would have to make under the “sequestration” formula in this year’s Budget Control Act. Unless Congress and the president agree to an alternative long-term plan to reduce the deficit (supposedly coming from the so-called “supercommittee”), there will be automatic reductions in “discretionary” spending.
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