Budget and Finance Committee Approves Mayor’s Two Year, $8.9B City Budget

The San Francisco Board of Supervisors’ Budget and Finance Committee voted unanimously today to support the $8.9 billion two-year city budget proposed by San Francisco Mayor Ed Lee.

Lee said in a statement released today that the budget for fiscal years 2015-16 and 2016-17 “makes strategic investments to grow the economy and protect and expand social safety net programs while making historic investments in housing for low and middle income families.”

Lee said among the most important accomplishment was getting $310 million in the budget for an Affordable Housing Bond that does not raise property taxes amid the city’s housing crisis.

The Affordable Housing Bond will go be before San Francisco voters for approval in the November election.

The mayor’s proposed budget goes to the full Board of Supervisors for consideration in July.

Hannah Albarazi, Bay City News

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