Mayor Lee Releases $1.5 Million From Rainy Day Funds to Help San Francisco Schools
Mayor Edwin M. Lee today introduced legislation to support San Francisco public schools by providing an additional $1.5 million to the San Francisco Unified School District (SFUSD) from the City’s Rainy Day Fund. The City’s FY 12-13 budget previously appropriated $6.27 million, and this infusion of additional resources will bring the total Rainy Day Funds up to $7.77 million this year.
“Making sure San Francisco’s youth receive a quality education and are ready for college and ready for the jobs of the 21st Century are among my highest priorities,” said Mayor Lee. “In San Francisco, we set aside revenue so that when times get tough we can continue to fund these vital education priorities. By releasing these rainy day reserve funds, we are living up to our commitment to San Francisco’s students.”
“We are grateful to the San Francisco voters for the Rainy Day Reserve funds that continue to support our schools and students during difficult financial times,” said SFUSD Superintendent of Schools Richard Carranza. “These valuable resources help us fulfill our mission to provide each of our 55,000 students with an equal opportunity to achieve his or her maximum potential.”
The Rainy Day Fund was created in 2003, when voters passed Proposition G, which required the City to save revenue above 5 percent growth year over year, during good economic times. The account’s balance now stands at about $31.1 million. 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. Based on the Governor’s 2012-13 budget, both of these criteria will be met.