Even with a booming economy and millions of dollars in new money coming in, San Francisco is facing a projected $99 million budget deficit next fiscal year.
And nearly half of it can be chalked up to the city’s skyrocketing pension costs.
Numbers crunchers say the pension payout for retired government workers could grow to $380 million a year from the city’s general fund by 2019. That’s $113 million more than was projected just last year.
“This isn’t what we were expecting,” said Controller Ben Rosenfield.
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