Wednesday, October 19, 2011
There’s good news and bad news in San Diego’s most recent five-year financial projections.
SAN DIEGO There’s good news and bad news in San Diego’s most recent five-year financial projections.
City of San Diego Five-Year Financial Outlook
The bad news: San Diego is facing a nearly $32-million budget deficit next fiscal year, followed by projected deficits for the three years after that.
The good news: Next year’s deficit is about $9 million less than originally forecast.
San Diego’s Chief Financial Officer Mary Lewis prepared the outlook. The report found there have been signs of economic recovery in the past year, but the housing market and the impact of state budget cuts remain areas of concern.
The report projects property, sales and hotel room tax revenues will continue to rise in the next five years - but it says service cuts may be needed to balance next year’s budget.
The city’s budget committee will consider the five-year forecast Wednesday morning.