By Joshua Sabattini : sfexaminer – excerpt
Mayor London Breed has asked city departments to submit plans to cut spending by up to 6 percent over the next two years to help close The City’s projected budget deficit.
Government spending is outpacing revenue growth, resulting in a projected $107.4 million budget deficit in the next fiscal year beginning July 1, and $163.4 million in the following fiscal year.
In five years, the deficit is expected to exceed $640 million. The City plans to release its five-year financial plan later this week.