San Francisco mayor signs 2-year balanced budget

(This is an excerpt of a press release from the Office of the Mayor of San Francisco)

San Francisco, CA — 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.”

“This historic budget reflects our recovering San Francisco economy and our collective investment in the basic services and programs that our resident and visitors depend on,” said Board of Supervisors President David Chiu, who championed the 2009 ballot initiative to require a two-year budget.

“A strength of a two-year budgeting process is that it forces the City to understand the ongoing impacts of any one year’s budget decisions,” said Supervisor Carmen Chu, Chair of the Budget Committee. “In addition to balancing the local shortfall, the City had a unique challenge this year in absorbing many state and federally funded programs, such as the Redevelopment Agency and cuts to HIV/AIDS services. However, through the budget process, we were still able to make key investments to ensure public safety by funding Police Academy classes; provide economic opportunities in the City with an eye toward assisting small businesses; and preserve critical health and human services while maintaining healthy financial reserves.”

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