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Great news!!! The San Fran deficit for 2011 will be $400 million or more. Add to that the fact that by 2014 25% of revenues will go to paying for pensions, and you have a city in economic distress.
"The report from the city controller’s office on Wednesday said the city will have a $21 million surplus, according to CBS 5 San Francisco. Mayoral spokesman Tony Winnicker said the report offered hope that the city could avoid budget cuts in the future.
Budget analysts are expecting more bad news from the state later this year that would affect the city, according to the San Francisco Examiner. Budget leaders in San Francisco estimated the city will be hit with a $400 million-plus budget deficit next year."
Very creative accounting to get the surplus--fraud actually. But it looks good in a Chronicle headline, a newspaper that does not challenge the numbers. The real world knows an account in private practice who did this would be in jail for fraud--government accounts get promotions.
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"The report from the city controller’s office on Wednesday said the city will have a $21 million surplus, according to CBS 5 San Francisco. Mayoral spokesman Tony Winnicker said the report offered hope that the city could avoid budget cuts in the future.
Budget analysts are expecting more bad news from the state later this year that would affect the city, according to the San Francisco Examiner. Budget leaders in San Francisco estimated the city will be hit with a $400 million-plus budget deficit next year."
Very creative accounting to get the surplus--fraud actually. But it looks good in a Chronicle headline, a newspaper that does not challenge the numbers. The real world knows an account in private practice who did this would be in jail for fraud--government accounts get promotions.
More...