City Budget: Mayor Releases Reserve Funds to Protect City Services

Reserve_funds_10jan13Mayor Edwin M. Lee today introduced a supplemental appropriation which includes the release of $7.2 million to backfill State budget reductions and to protect the City's social safety net for its most vulnerable residents, including children and seniors. 

"Even in a challenging economic environment, we have balanced our budget, made tough decisions and, most importantly, planned for the future," said Mayor Lee. "We are now in a position to protect critical City services and programs and offset cuts from the State to some of our most vulnerable residents. However, it is critical that we judiciously maintain and spend our reserves, especially with the threat of more than $40 million in Federal sequestration cuts looming." Read more.

Posted on January 10, 2013 | The comments to this entry are closed.