San Diego's $300M tax revenue loss | David Garrick
The COVID-19 pandemic will cost San Diego about $300 million in tax revenue by next summer, including $48 million in hotel tax losses beyond previous estimates, according to projections city officials unveiled Wednesday. But city finance officials said it is too soon to discuss emergency budget cuts because projected deficits could shrink, thanks to expense-cutting efforts and the possibility of an additional federal stimulus package. San Diego used $248 million in federal virus relief money last spring to close projected gaps in the $1.6 billion general fund budget the City Council adopted for the fiscal year that began July 1.
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Show Notes
The COVID-19 pandemic will cost San Diego about $300 million in tax revenue by next summer, including $48 million in hotel tax losses. https://www.sandiegouniontribune.com/news/politics/story/2020-09-16/san-diego-estimates-300m-tax-revenue-loss-during-covid-19-pandemic