Rainy Day Fund is a policy proposal: "Require the City of Oakland to maintain a Rainy Day Fund that can only be used in specific types of fiscal emergencies"

This was included as a sample proposal for residents to indicate their support or opposition in a Feb. 5, 2014 poll that was sent out to Oaklanders.

In May/June 2014, Councilmember and 2014 Mayoral Candidate Libby Schaaf made a proposal for a rainy day fund.

Summary of the proposal: 

  • Sets aside 25% of projected Excess Real Estate Transfer Tax in each budget
  • Sets aside 50% of any year-end surplus following the audit each year
  • Half of this annual set-aside goes to immediate pay down of the most pressing unfunded liabilities or debt
  • Half of this annual set-aside goes to a Stabilization Reserve, only to be used to save services in years when revenues have declined

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Arguments against: