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.
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