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LWV League of Women Voters of California
Smart Voter
San Francisco County, CA November 4, 2003 Election
Proposition G
City of San Francisco

Charter Amendment

146,004 / 75.80% Yes votes ...... 46,605 / 24.20% No votes

See Also: Index of all Measures

Information shown below: Summary | Yes/No Meaning |

Shall the City create a "rainy day" fund for money collected when there is an unusually large surplus, and for use in years when there is a revenue shortfall?

The Way it is Now:

The Charter requires the City to maintain a Cash Reserve fund equal to ten percent (10%) of the City's property tax base. Property taxes make up about one quarter of all general fund revenues. Funds can be borrowed from the Cash Reserve within a fiscal year, but must be repaid by the end of the fiscal year.

The Proposal:

Proposition G is a Charter amendment that would replace the Cash Reserve fund with a new Rainy Day Reserve (Economic Stabilization fund). In any year when the City collects over five percent more money than it collected in the previous year, the City would reserve half of this money for the Rainy Day Reserve fund, one quarter for capital and other one-time spending, and one quarter for unrestricted use.

The City could use the Reserve only when it collects less money than in the previous year. The City could spend up to half the money in the Reserve to make up for this shortfall in revenue.

In addition, the City could use up to one quarter of the Reserve to help the San Francisco Unified School District when the District collects less money per student than in the previous year and plans significant layoffs.

Meaning of Voting Yes/No
A YES vote of this measure means:
you want to create a Rainy Day Reserve (Economic Stabilization fund).

A NO vote of this measure means:
you DO NOT want to create a Rainy Day Reserve (Economic Stabilization fund).

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Created: December 19, 2003 15:07 PST
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