Independent Revenue Forecast Shows Hayward Is Not Facing Budget Deficit

A new report by Beacon Economics, a leading independent economic research firm, conclusively demonstrates that, contrary to the City’s claims, Hayward is not facing a structural deficit.  The City’s original Ten-Year General Fund Plan relied on overly conservative assumptions to create an impression that the City has a major deficit which can only be addressed by seeking more concessions from civilian employees.  The Beacon report, however, identifies $43 million in additional revenues that were not included in the City’s original General Fund projections, including $31 million in property taxes and $11 million in transfer taxes.  The additional funds demonstrate that the City is in no way facing a deficit and has the revenue necessary to fairly compensate its employees.  View a copy of the report and a presentation of the findings here.