City Budget: Mayor Signs Balanced Budget for FYs 2012-14
Mayor Edwin M. Lee today signed San Francisco’s first-ever two-year balanced budget for Fiscal Year 2012-13 and 2013-14 after the Board of Supervisors unanimously approved it yesterday. The City’s first Two Year Budget closed a projected $263 million General Fund deficit for the coming Fiscal Year 2012-13 and $375 million deficit for Fiscal Year 2013-14.
“This two-year balanced budget invests in our people, our neighborhoods and our critical infrastructure to create jobs for our residents and expand support for public safety, small business, our schools and the social safety net in San Francisco,” said Mayor Lee. “I’m especially proud that, in an era of declining support from the State and Federal governments and amidst bitter partisan divides in Sacramento and Washington, we in San Francisco have worked together to build consensus and embrace pension, health and long-term fiscal reforms that increase our reserves and boost our economic recovery for the future. I want to thank all the members of the Board of Supervisors, especially Budget Chair Carmen Chu, as well as business, labor and community organizations, for their hard work and involvement this year to develop our first-ever two-year balanced budget.” Read more.