Mayor Announces Release of City’s Five-Year Financial Plan
Mayor Edwin M. Lee introduced at the Board of Supervisors the City’s Five-Year Financial Plan (Financial Plan) for Fiscal Years (FY) 2017-18 through 2021-22. Over the next five years, the Financial Plan projects that the City will experience continued economic growth; however, the plan also notes that revenue growth is slowing.
The Financial Plan shows that the cost of City services is projected to outpace revenue growth during the five-year period. If the City does not take corrective action, the gap between revenues and expenditures will increase to approximately $848 million by FY 2021-22.
“During the last six years, I am proud that the City’s strong economic growth has allowed us to expand and improve city services – for instance, expanding MUNI services by 10%, increasing public protection staffing in line with our Public Safety Hiring Plan and improving the availability and quality of health and human services for the City’s most needy. However, many uncertainties lie ahead,” said Mayor Lee. “Financial stability is central to the City’s ability to provide sustainable services to the public. Staying disciplined today will ensure we are more resilient as a City over the long term.”