What: Superintendent Carlos Garcia will be making comments with regard to the announcement today from the City Controller and Mayor Gavin Newsom that SFUSD should qualify for $23 million of the City’s rainy day fund.
When: Tuesday, March 10 / 5:45 p.m.
Where: Irving G. Breyer Board Room / 555 Franklin Street
Who: Superintendent Carlos Garcia and SF Board of Education President Kim-Shree Maufus
Why: SFUSD recently announced that it would send out pink slips to teachers, principals and paraprofessionals due to the $51 million budget shortfall in mid-year and 09-10 school year cuts.
The $23 million is 25 percent of $92 million currently in the fund. 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.
The rainy day fund was created in 2003, when voters passed Proposition G. It requires the city to save revenue above 5% growth year over year, during good economic times.