San Francisco's controller estimated that the city will lose between $167 million to $287 million in tax revenue for fiscal year 2019-20, according to an executive summary of the report released Tuesday. The controller's office projected that tax revenue will decrease between $324 million and $575 million in fiscal year 2020-21 and between $225 million and $417 million in the following fiscal year.
Those revenue losses would result in a projected general fund shortfall between $528 million and $779 million for fiscal 2020-21 and $444 million and $612 million for fiscal 2021-22, according to the report.
The estimates don't assume additional expenditures, including those associated with responding to the coronavirus pandemic or the additional state and federal revenues the city will receive to offset costs, the controller's office said. The city's revenue losses will primarily be influenced by the pandemic's impact on hotel tax, local sales tax and state sales tax subventions, parking tax, transfer tax, airport transfer in and departmental revenue, the summary said.
The summary said the uncertainty surrounding the city's revenues and expenditures is historically high.
--Editing by Neil Cohen.
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