$6 million in rainy day funds for schools 

In order to lighten the gaping fiscal troubles facing San Francisco schools, Mayor Gavin Newsom and Supervisor Bevan Dufty today chipped in $6 million of The City’s rainy day fund to lighten the load.

The San Francisco Unified School District recently announced drastic proposals to close its two-year budget deficit of $113 million.

Newsom made the funding announcement during his remarks at the “Bridging the Bay” Afterschool Conference at Balboa High School, the Mayor’s Office said.

The rainy day fund was created in 2003, when voters passed Proposition G. It requires the city to save revenue above 5 percent growth year over year, during good economic times, the Mayor’s Office said.

The account's balance now stands at about $24 million, it said.

“The school district is eligible for up to 25 percent of the total if two conditions are met: The school district must be getting less money per pupil from the state when adjusted for inflation, and must be facing significant teacher layoffs,” the Mayor's Office said.

Based on the governor’s budget, both of these criteria will be met, the Mayor’s Office said.

In fiscal year 2008-2009, The City budgeted $19.2 million in rainy day funding for the SFUSD and $24.1 million in 2009-2010, it said.

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