City Controller Rachael Heisler urged the mayor not to count on that money in coming years. But Mr. Gainey’s revised revenue projections actually increased the amount of money the city expects to collect.

A report by Truth in Accounting found that 53 of the 75 largest U.S. cities don’t have enough funds to cover their pension obligations, and that doesn’t consider what would happen if pension funds lost their value in a market downturn. These obligations could kneecap cities in the event of true emergencies, making it more challenging to devote financial resources where they’re needed.

Of course, progressives in The City by the Bay will blame the post-pandemic downturn for the abysmal state of its finances. However, Truth in Accounting already sounded alarm bells in January 2018 when it warned that the jurisdiction was drowning in debt, requiring $7.5 billion to pay its bills. In the short term, officials are trying to keep essential services running. In the long-term, according to the think tank promoting fiscal transparency, San Francisco is grappling with approximately $6 billion in unfunded pension promises and about $4 billion in unfunded retiree health care benefits.