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2007 - 2008 Budget Update

2007 - 2008 Budget Update. Mayor’s Budget Office External Stakeholder Presentation April 20, 2007. Joint Report Report Highlights. Change to Sources $237.8 M Uses Changes Salaries and Benefits ($72.8 M) Baseline Requirements ($55.6 M) Other Operating Costs (134.8 M)

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2007 - 2008 Budget Update

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  1. 2007 - 2008 Budget Update Mayor’s Budget Office External Stakeholder Presentation April 20, 2007

  2. Joint Report Report Highlights Change to Sources $237.8 M Uses Changes Salaries and Benefits ($72.8 M) Baseline Requirements ($55.6 M) Other Operating Costs (134.8 M) 2007-08 Shortfall : ($25.4 M)

  3. Summary Points • Our current deficit projection is $25.4 million. This is lower than most past years, but double last year. • As in years past, we are using a current year projected surplus (general fund balance) of $129.4 million to help balance for FY 07-08. • Any supplemental appropriations will increase the deficit by a like amount. • The joint report projections include a CPI increase (2.45%) on all open contracts (Police, Fire and Nurses). Every additional 1% increase on these contracts will cost an additional $6.1 million • The Rainy Day fund has been triggered for the current year but not for the budget year.

  4. Joint Report 3-Year Projection FY08 FY09 FY10 __________________________________________________________ Projected Surplus / (Shortfall) ($25.4M) ($85.3M) $8.3M ____________________________________________________

  5. Budget Calendar May 1 Mayor’s Proposed Enterprise Budget to BOS May 10GF departments - budget legislation due to MBO May 2, 16 MTA Hearings May 23, 30 Budget Committee hearings: Enterprise Departments May Governor’s May Revise released June 1 Mayor’s Proposed GF Budget to BOS June 18-29 Budget Committee hearings: GF Departments July Budget at full BOS

  6. Budget Information • Budget information is available on the websites of the City Controller, the Mayor’s Office and the Board of Supervisors: • www.sfgov.org/site/mayor (Policy and Finance Link) • www.sfgov.org/site/controller (Budget Information Link) • www.sfgov.org/bos/budget (Board of Supervisors Link) • The Budget Committee meets on Wednesdays at 1:00 p.m. on the second floor of City Hall. Public comment on agenda items is taken at all meetings.

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