Monday, April 5, 2010

San Francisco's Three-Year Budget Projection Through 2013

BOMA San Francisco Members:

The joint report by the Controller’s Office, Mayor’s Office, and Board of Supervisors’ Budget Analyst on San Francisco's three-year budget projection, FY 2010-11 through 2012-2013, was posted online on Friday, April 2. 2010. You can read and download the report here.

In reviewing the study, the city's budget outlook continues to look grim (using the FY 2009-2010 budget as a comparison):

FY 2010-2011 projected budget deficit: $483 million

FY 2011-2012 projected budget deficit: $712 million

FY 2012-2013 projected budget deficit: $787 million

Some key assumptions in the report:
  • No major changes to service levels and number of employees;
  • Economic downturn effect on revenues continues through 2010, followed by slow recovery;
  • Preliminary estimate of state budget reduction;
  • Federal Stimulus Funds assumed extended;
  • No change in closed labor agreements and inflationary increase on open labor agreements;
  • Retirement plan employer contribution increases;
  • Average growth rate on health and dental insurance.

All the details can be found in the report.

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