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$3 Billion Deficit: Mayor Breed’s Proposal Addresses $799.2 Million Shortfall with Fee Hikes and Reserves

(photo: San Francisco Examiner)

Mayor London Breed’s budget proposal for San Francisco aims to tackle a $799.2 million deficit for 2024-26 with fee hikes and reserve funds.

Mayor Breed’s Proposal to Address $3 Billion Deficit

San Francisco faces a projected $3 billion deficit in its general fund from 2024 to 2028, exacerbated by recent union contract raises exceeding earlier cost estimates, according to the report of Just The News.

Mayor London Breed presented a budget proposal for 2024-25 and 2025-26, aiming to address deficits totaling $799.2 million through fee increases, reserve use, and other measures. However, the city acknowledges ongoing structural deficits that will require further budget adjustments or new revenue sources.

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San Francisco Faces $3B Deficit Amid Union Raises

Recent union negotiations guaranteeing at least a 13% wage increase over three years for city employees, along with a minimum hourly wage of $25, add over $100 million in additional costs. The Mayor’s office did not respond to requests for comment on these developments.

San Francisco faces a $3 billion deficit from 2024 to 2028, exacerbated by union contract raises. Mayor London Breed’s proposed budget aims to address a $799.2 million shortfall through fee increases and reserve use but structural deficits persist. Recent union agreements guarantee a 13% wage hike over three years, adding over $100 million in costs.

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