San Francisco Mayor Gavin Newsom Thursday signed the City’s new 6.5 billion dollar budget into law, after a year of hand-wringing, discussion and debate to come up with a balanced spending plan.

It was all smiles and applause as Mayor Newsom stood on the balcony in the City Hall Rotunda, with many of the supervisors at his side, to make this year’s budget document official. Mayor Newsom bragged that the budget was balanced without raising taxes or deep program cuts.

“We did it because we put aside our differences, we got creative, and we got to work,” the Mayor said.

That was a theme echoed by board of supervisors president David Chiu.

“This is not a perfect budget. But, I think it is a good budget. It is a budget that protects core city services,” Chiu said.

Supervisors Budget Chair John Avalos worked with Mayor Newsom to reach a budget agreement. He’s proud of the outcome.

“This budget document is the most important document that comes out of the City and County of San Francisco,” Avalos said.

Although this budget is signed, there could still be trouble if revenues don’t meet projections. Next year’s budget could be difficult because another deficit is forecast.