SAN FRANCISCO — San Francisco Mayor Ed Lee has presented a two-year budget proposal, which includes issuing $500 million of general obligation bonds for transportation improvements in the city.
The plan, announced June 2, would also close budget deficits of $66.7 million in fiscal year 2014-15 and $133.4 million in fiscal year 2015-16.
With his budget proposal, Lee unveiled a $94 million initiative to expand affordable housing over the next two years in response to growing concerns of what many call a housing crisis in the city.
The mayor's budget includes investing $44.4 million in below-market-rate housing from the Housing Trust Fund, which was approved by voters two years ago. Lee is proposing $50 million of additional funding to expedite affordable housing projects over the next two years.
"We are making strategic investments to grow our economy, create jobs and make sure that our city remains affordable for low and middle income families," Lee said in a statement. "This responsible and balanced budget protects social services for people who need them most, is affordable over the long term, increases city services including public safety, and supports our continued economic recovery."
The budget includes a $500 million GO bond proposal for the November ballot to provide funds for increasing transportation reliability and travel speed, upgrade transit stops and stations, improve pedestrian and bicycle safety, and prepare for growth in the city's busiest travel corridors.
The budget includes $647.5 million in capital investments over the next two years, $213 million in general fund support for capital and infrastructure, and $32.7 million in general fund investments for information technology systems.
It proposes setting aside some money in the city's "savings accounts." Hoping to offset the impact of any economic downturn that might occur down the road, Lee's budget includes adding $234.9 million to its general reserve, budget stabilization reserve, and rainy day reserve funds.
The budget proposal requires approval by the San Francisco Board of Supervisors.