San Diego City on Track to Eliminate Historic General Fund Deficit, Report Shows
The City of San Diego is projected to eliminate its historic structural budget deficit, according to a new Five-Year Financial Outlook report released by the City’s Department of Finance. Mayor Todd Gloria, Chief Financial Officer Rolando Charvel, and Chief Operating Officer Bethany Bezak announced that the city will enter the next fiscal year with a balanced budget, avoiding further cuts to services and programs. This positive financial outlook is attributed to approximately $323 million in ongoing annual improvements, which include $180 million in cuts from departmental consolidations, position reductions, and service level adjustments over the past two years. Additionally, $80 million in new annual revenue comes from a trash collection fee approved by San Diego voters through Measure B, and about $63 million annually is generated from Measure C hotel tax, other tourism-tax revenue, and opioid settlement funds. For the first time in years, the city's ongoing General Fund revenues are expected to cover it...
