The estimated shortfall, as presented by Mayor Sheng Thao in her budget proposal for the next two fiscal years, is $360 million.
OAKLAND — For the past month, Oakland’s leaders have been entrenched in a budget process mired in tough choices, facing what officials have described as the largest deficit in its history.
That was one-time funding, and Oakland officials always knew that it would go away, raising questions about why more hasn’t been done to address the city’s longer-term structural deficit. Voters in last year’s election approved Measure T, a business tax, which is expected to raise $124 million in annual revenue.
Q: So a little more than half the $360 million deficit comes from the disappearing COVID money. What about the other half? But it’s more abstract than that. The city includes a baseline projection of the next two years of tax revenue when it calculates the shortfall. But how much that baseline number is altered by factors such as the real-estate transfer tax is not articulated in the budget.
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