SF has first-ever balanced two-year budget

July 25, 2012 3:43:17 PM PDT
San Francisco has its first ever two-year budget and it's a balanced one.

Mayor Ed Lee signed the $7 billion spending plan Wednesday morning at City Hall. Times are good thanks to increased revenues from higher property tax bills. The city closed a $263 million deficit and still increased funding for city services.

Police and fire will be able to hire more personnel. Officials say the two-year budget makes them think long-term. "It allows us to say what will our second year deficit look like and how do we begin to prepare for that in the first year. And, I think the city does that adequately in this budget by putting additional funds into our reserves," said Supervisor Carmen Chu.

$30 million will go into the city's reserves. Millions more are set aside in case the state cuts their funding ever further.


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