The city’s next two-year budget should avoid a deficit for the first time in 20 years, according to the mayor’s office. Breed’s office said it is projecting a surplus for fiscal years 2022–23 and 2023–24, due to improved revenue, record returns for the city’s pension system, and constraint of cost growth during the pandemic. The combined surplus is estimated to be $108 million; however, San Francisco “still has a projected deficit in years three and four of the long-term financial projection,” according to an announcement from the mayor.
The budget will be submitted to the Board of Supervisors by June 1, 2022; the supervisors then need to send a balanced budget back for Breed to sign by August 1, 2022.
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