San Francisco Mayor Gavin Newsom cut $71 million from the $3 billion fiscal 2008- 2009 general fund budget to close a mid-year gap and warned that the city may face a deficit of $575.6 million in the coming fiscal year.

Newsom’s mid-year budget plan also included $47 million of new revenue, much of it newly identified unspent funds from previous budget years. All told, the cuts and new revenues totaled $118.3 million.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.