San Francisco Examiner-
San Francisco projects losses of up to $288 million in the current fiscal year alone due to the toll the coronavirus has taken on the local economy, according to a new report.
“Financial losses associated with the emergency have been stark and immediate, and the level of uncertainty of both City revenues and expenditures is historically high,” said a joint memo from the City Controller, Budget Analyst and Mayor’s Budget Office. “Our offices provide this March outlook as a planning tool for the Mayor and Board of Supervisors to begin navigating these challenges.”
The report projects a loss in the current fiscal year, which ends June 30, of an estimated $167 million to $287 million.