Rainy day fund to help close school budget gap 

Supervisor Bevan Dufty and Mayor Gavin Newsom announced that $6 million of The City’s rainy day fund would be diverted to the school district to close its two-year budget deficit of $113 million. 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.

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