San Francisco’s budget deficit will swell to $746 million by 2011-2012, absent spending cuts or revenue increases, according to three-year projections published by the city’s controller, the mayor’s budget director, and the Board of Supervisors’ budget analyst in a joint report.

California’s fourth-most populous city faces budget gaps of $438 million in the upcoming budget year and $615 million in 2010-2011, the report said.

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