Newsom: City deficits on the rise due to pension costs 

There was “more sobering news” this week out of the San Francisco controller’s office. While the estimated $522 million deficit for the upcoming fiscal year has shrunk to about $482 million, the subsequent two years are looking pretty grim, Mayor Gavin Newsom said.

The estimated deficit for fiscal year 2011-2012 is expected to be $712 million and $787 million for the next year.

In his weekly YouTube address, Newsom says while the news shouldn’t be alarming, it is a sobering view of what The City faces in the future due to increasing city employee pension costs.

“Pensions are going to be the dominant challenge for this city and for cities large and small across this state and across this country,” Newsom said.

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