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Supervisors advance binding reserve rules under Proposition A, approve controller amendment
Summary
The Board—udget & Finance Committee advanced controller-recommended financial policies under Proposition A to create a 2% general reserve and a new budget-stabilization reserve funded largely from volatile revenues; the committee approved an amendment to delay the general-reserve ramp-up and forwarded the ordinance to the full board.
The Budget & Finance Committee on [date not specified] advanced an ordinance that would add binding financial policies under Proposition A to create a larger general reserve and a new budget-stabilization reserve.
The controller told the committee the rules aim to reduce the city nd county—ity and County of San Francisco—udget—oom-and-bust cycle by increasing the general-fund reserve from its current budgeted level of roughly 0.9% (about $25 million) toward a 2% target over several years and by creating a stabilization reserve that draws from volatile revenues such as property transfer taxes, unanticipated year-end windfalls and nonproperty asset sales.
"Stable budget stabilization reserves specifically allow governments to save money…
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