California News

San Francisco Projects $288M In Losses Over Coronavirus Pandemic

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.

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