December 11, 2012 – The City’s budget is still in the red — but it’s a lighter shade than in recent years, according to budget officials who on Tuesday released a slightly rosier economic outlook. In its approximately $7.5 billion annual budget, San Francisco faces a projected $129 million deficit in fiscal year 2013-14, and a $134 million shortfall in 2014-15, according to Budget Director Kate Howard. The figures are dwarfed by last year’s projections, which showed The City $375 million in the hole for 2013-14. Howard attributed the improved fiscal picture to tax revenue from increasing property values; recent voter-approved city employee pension reform; and the impending overhaul of San Francisco’s business tax system.
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