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Controller proposes flexible reserve policy to grow contingency cap to 3% and permit recessionary drawdowns
Summary
Controller Ben Rosenfield proposed phasing the city's general reserve up to 3% of revenues if recovery continues, allow temporary reduction to 1.5% during recession, create an overflow account for stabilization reserves above 10% and clarify permissible uses if the board suspends reserves; the committee accepted technical amendments.
Controller Ben Rosenfield presented proposed changes to San Francisco’s financial‑policy framework at the Dec. 3 Budget & Finance Committee meeting, saying the existing contingency (general) reserve rules may be too inflexible in an economic downturn.
Rosenfield summarized the city’s two reserve types: a general contingency reserve for year‑to‑year unanticipated losses and stabilization reserves (rainy day and budget stabilization reserves) meant to smooth revenue cycles. He said the current policy phases the general reserve to 2% of revenues by fiscal year 2016–17…
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