Plan would more than halve deficit

Mayor Gavin Newsom’s Budget Office said Wednesday that it has outlined $183.1 million worth of cost-saving proposals for carving into a projected $338 million budget deficit for the upcoming fiscal year.

In the last six months, projections for The City’s fiscal shortfall grew by $100 million, in part due to wage increases and less-than-expected funding from the state. Steps — including monitoring of overtime, and program cuts — have been taken to alleviate the financial pressure. Budget Director Nani Coloretti presented a draft of ideas to the Budget and Finance Committee of the Board of Supervisors on Wednesday that would trim the shortfall to $155 million.

After the meeting, Coloretti told The Examiner that the ideas were not set in stone.

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