City's Financial Outlook Improves Slightly
San Diego is still facing multi-million dollar deficits in the coming years, but the picture is improving slightly. The city's revised five-year budget projection was released today.
San Diego's financial team is expecting the economy to first stabilize and then get stronger in the coming fiscal years.
Chief Financial Officer Mary Lewis says deficits are still projected in the next five years, but they would have been bigger if the mayor and council hadn't taken early action on the budget last December. She says coming deficits could shrink more if the city finds a permanent way to deal with a $72 million deficit projected for fiscal year 2012.
"Any ongoing solutions that are implemented to address that gap of $72 million then will eliminate the future deficits as they are presented here," said Lewis.
Lewis says the city's pension obligation is one of its major expenses. San Diego's payment in the 2012 fiscal year is estimated to be nearly $258 million.
For more information on the revised budget, see here.