City Rainy Day Funds Diverted to San Francisco Schools

Jill Tucker:

With a stormy financial front headed toward San Francisco schools, Mayor Gavin Newsom offered to help the district Friday with $30.6 million from the city's rainy day fund.
Facing a $40 million shortfall, district officials were preparing for massive layoffs and program cuts - including cutting more than 500 teachers and staff.

"This is perilous," the mayor said of the potential impact. "This is ominous. This is simply not acceptable."
Newsom's proposal must be approved by the Board of Supervisors.

In 2003, city voters passed Proposition G, which required the city save excess revenue during good economic times.

The account now holds about $122 million, with the school district 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.

Posted by Jim Zellmer at February 10, 2008 12:00 AM
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