Overall, the $1.6 billion general fund is projected to grow slightly in 2023 and 2024 – increasing by $74.4 million this year and $24.7 million next – compared to the figures in the $7.4 biennial budget adopted by the city last fall.
The city’s Jumpstart payroll tax on big businesses, on the other hand, is expected to raise $31 million less in 2023 and $31 million less in 2024 than previously projected. The new tax is now expected to bring in $263 million in 2023 and $271 million in 2024.
Layoffs in the tech sector – which includes many of the companies paying the tax – are a major factor
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