The San Francisco Office of Comptroller released its FY 2010-2011 six month budget status report which projects an ending General Fund balance of $89.2 million.
This strength versus the adopted budget is driven predominantly by a modest improvement in the City’s general tax revenues. Property transfer tax is significantly exceeding budgeted levels, driven by voter approval of a rate increase in November 2010 that was not assumed in the budget. Property taxes and business taxes are also projected to exceed budget.
This projected ending balance will be available to address a portion of the p projected shortfall for the coming fiscal year. But a substantial budget shortfall for FY 2011-12 will remain.
Source: San Francisco Office of Comptroller, February 15, 2011
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