The most recent estimate San Francisco faces a $350 million budget deficit for the fiscal year that begins July 1, 2012. The City doesn’t wait until then to tackle the budget woes.
Just a few weeks after Tuesday’s mayoral election, sometime in late November or early December a revised budget deficit number will be released along with budget instructions from the mayor about how much city departments must cut their proposed budgets for the next fiscal year. Around this time last fiscal year, departments were told to come up with 20 percent in cuts to close a similar deficit amount.
There is a lot riding on the Nov. 8 election when it comes to the deficit projection. There are two dueling pension measures, a $248 million bond the city is relying on for repairing streets and a half-cent sales tax.
And then the state’s budget could result in significant funding losses.