Higher Than Expected Tax Revenues To Bolster SF Coffers

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San Francisco City Hall

San Francisco City Hall. (Justin Sullivan/Getty Images)

BarbaraTaylor_KCBS_0001r Barbara Taylor
Barbara Taylor is the long time San Francisco City Hall Bureau Chief...
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SAN FRANCISCO (KCBS) – San Francisco’s financial affairs are looking up after tax revenues have come pouring in at a much higher rate than expected, meaning the city’s projected deficit is dropping.

The good news comes in a six month budget report from Controller Ben Rosenfield. He said that $122 million more revenue is expected to flow into the city’s coffers than was forecast just three months ago.

“The vast majority of that is being driven by property transfer tax, property tax, and payroll tax,” said Rosenfield.

San Francisco is now expected to end the fiscal year with $129 million surplus that can be used to balance the new city budget, which for the first time will be a two year budget.

KCBS’ Barbara Taylor Reports:

“It’s the first time since 2008 that we can really see positive continued trends in almost all of our major tax revenues in San Francisco,” said Rosenfield.

However, San Francisco isn’t out of the woods yet. Mayor Ed Lee said that the city’s budget still has a structural imbalance that must be fixed. There is a $593 million deficit projected over the next two years.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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