San Francisco facing $500 million deficit

[marmar]

from the San Francisco Chronicle:




San Francisco facing $500 million deficit
Rachel Gordon, Chronicle Staff Writer

Thursday, November 19, 2009


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The mayor's budget chief is expected to announce today that the projected deficit for the next fiscal year teeters near $500 million - a more ominous outlook than had been revealed Monday.

Greg Wagner, Mayor Gavin Newsom's budget director, would not provide an exact amount during testimony Wednesday before the Board of Supervisors' Budget and Finance Committee, saying the numbers were still being crunched.

"We're looking at something well north of $400 million," is all he would offer in his public testimony. He later confirmed, however, that he told Supervisor John Avalos, chairman of the budget committee, that the amount was in the $500 million range.

This means the city faces another year of dire financial straits that - barring an unforeseen economic turnaround - will lead to more service cuts and higher costs for city residents, businesses and visitors.

"We're going to be walking on thin ice with the budget," predicted Supervisor Ross Mirkarimi, who serves on the budget committee. ..........(more)

The complete piece is at: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/11/19/BAN21AMRB0.DTL

[EFerrari]

1. But, wait -- Gavin Newsom ran as the fiscally conservative, business friendly candidate.

:yoiks:

[imdjh]

2. Simple. That's $600 a head. Pay to stay.