Budget reports shows years of red 

The City Controller’s three-year budget projection report, which is issued every year around this time, shows San Francisco’s economic woes. Mayor Gavin Newsom is currently working with city department heads and labor groups to close the deficit for the upcoming fiscal year, which begins July 1. That deficit is now projected at $483 million, according to the report released Friday. In the subsequent fiscal years that deficit is projected at $712 million and $787 million come July 1, 2012. However, those projections do not include anything done to close the $483 million deficit.

Among the report’s findings: “For the purpose of projecting tax revenues, this projection assumes the national recession has ended and that most revenues will bottom out in FY 2009-10 and begin recovering in late 2010, followed by a period of modest increases before reaching prior peak levels in FY 2012-13 or after.”

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