In Saturday’s story on the Property Tax Limit, I said Ben Noble was on Council Central Staff. In fact, this year he became the City Budget Director, reporting to the Mayor. I’ve corrected the original post.
I also neglected to note that there is no current formal reserve policy. In Mr. Noble’s words, “until the ‘great recession’ (and the experience of rapid decline in assessed value) and recent pressures to expand services funded by voter-approved levies, the City had not been so tight against the cap.”
If for some reason the Council rejected or watered down the 12% reserve recommendation from the Mayor’s office, some or all of those 42 cents (equivalent to $55m in annual revenue in 2014) would be available for various priorities.