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Controller's office outlines reserves, baselines and potential school-district rainy-day withdrawal
Summary
Deputy Controller Monique Zamuda briefed the Budget & Finance Committee on the general reserve, rainy day reserve, budget stabilization reserve (projected ~$95M), and voter-mandated baselines totaling roughly $450M; she said the controller's office is assessing whether SF Unified School District will be eligible to draw from the rainy day reserve before the March 15 deadline.
Monique Zamuda, deputy controller, presented a detailed review of the city—s reserves, baselines and set-aside rules to the Board of Supervisors Budget and Finance Committee on March 13, explaining the mechanics of the general reserve, rainy day reserve, budget stabilization reserve and several voter-mandated baselines.
Zamuda said the general reserve policy requires deposits that equate to about 1% of general fund revenues in the current year (approximately $32 million) and that the policy phases to 2% (about $74 million) by FY2016-17. "The purpose of this general fund reserve is to absorb a year end revenue or expenditure problem that is not known when the…
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