In early August, Mayor Ed Lee signed the budgets for the 2016-17 and 2017-18 fiscal years. The balanced budgets came in at $9.6 billion and $9.7 billion respectively, meaning that San Francisco will spend more in each of those years than the nominal GDPs of 56 different countries.
City leaders say that money will be well spent. “After months and months of tough work and negotiations, our city budget places top priority on reducing homelessness, enhancing public safety, addressing affordability and the cost-of-living, improving the quality of life, and protecting against the next economic downturn,” said District 2 Supervisor Mark Farrell, who also serves as budget chair.
“Everyone in the city is concerned about homelessness, affordability, and public safety — myself included,” added London Breed, the board’s president. “This budget invests in new and effective measures to address those issues, and it helps ensure every San Franciscan feels part of our rising economic tide.”