Mayor Lee’s Statement on Controller’s Six-Month Budget Status Report
Mayor Edwin M. Lee today issued the following statement on the City Controller’s Fiscal Year 2014-15 Six-Month Budget Status Report, providing the most recent expenditure and revenue information and projections for the Fiscal Year End and projecting an additional $21.6 million in year-end funds than previously expected:
“The Controller’s Six-Month Report confirms that our economic policies are working. Thousands of our City’s residents are back to work as our economy continues to grow. We’re seeing strong job growth in just about every sector in the City’s economy.
However, even as San Francisco’s economy recovers, we may still face budget deficits in future years ahead. We must redouble our efforts on government efficiencies, embrace innovative solutions to our challenges and invest responsibly in our residents.
In the coming months, we will present a balanced budget to the residents of San Francisco. Because of our improved economic recovery, sound policies and fiscal prudence, I have asked for no cuts from our City departments for the first time in years. But that doesn’t mean we will be satisfied. We can do more for our residents so that they can share in our prosperity. We can provide more efficient, responsive City services that are affordable over the long term while continuing to support our economic recovery and preparing San Francisco for growth.”
The Controller’s Six-Month Report issued today states that the City is projected to end the fiscal year with an additional $21.6 million in fund balance due to tax revenue growth above budgeted levels and expenditure savings in the Department of Public Health and Human Services Agency. This represents an improvement to the projections included in the Five Year Financial Plan and Mayor’s Budget Instructions issued in December 2014. Use of this additional fund balance in FY 2015-16 and FY 2016-17 will reduce projected shortfalls from a combined level of $104.2 million to $82.6 million over the next two budget years.
“The Controller’s Six-Month Report confirms that our economic policies are working. Thousands of our City’s residents are back to work as our economy continues to grow. We’re seeing strong job growth in just about every sector in the City’s economy.
However, even as San Francisco’s economy recovers, we may still face budget deficits in future years ahead. We must redouble our efforts on government efficiencies, embrace innovative solutions to our challenges and invest responsibly in our residents.
In the coming months, we will present a balanced budget to the residents of San Francisco. Because of our improved economic recovery, sound policies and fiscal prudence, I have asked for no cuts from our City departments for the first time in years. But that doesn’t mean we will be satisfied. We can do more for our residents so that they can share in our prosperity. We can provide more efficient, responsive City services that are affordable over the long term while continuing to support our economic recovery and preparing San Francisco for growth.”
The Controller’s Six-Month Report issued today states that the City is projected to end the fiscal year with an additional $21.6 million in fund balance due to tax revenue growth above budgeted levels and expenditure savings in the Department of Public Health and Human Services Agency. This represents an improvement to the projections included in the Five Year Financial Plan and Mayor’s Budget Instructions issued in December 2014. Use of this additional fund balance in FY 2015-16 and FY 2016-17 will reduce projected shortfalls from a combined level of $104.2 million to $82.6 million over the next two budget years.