Los Angeles Emergency Reserve and Budget Stabilization Fund, Measure P (March 2011)

From Ballotpedia
Revision as of 07:25, 20 March 2014 by JerrickA (Talk | contribs)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search
A City of Los Angeles Emergency Reserve Fund, Measure P ballot question was on the March 8, 2011 ballot for voters in the City of Los Angeles, where it was approved.[1]

Measure P establishes an emergency reserve fund that will amount to 2.75% of the city's general fund, that can only be tapped in the event of fiscal emergency,[1]

Specifically, Measure P will:

  • Establish two reserve accounts within the existing reserve fund, a contingency account and an emergency account.
  • The emergency account will consist of at least 2.75% of the city's general fund receipts
  • The emergency account ccan be tapped if 2/3rds of the city council members vote that there is an "urgent economic necessity"
  • Funds taken from the emergency account will have to be repaid the following year
  • The contingency account will be used for unanticipated expenditures and revenue shortfalls.
  • The contingency account will establish a budget stabilization fund.[2]

Measure P was one of 10 ballot measures on the March 8, 2011 City of Los Angeles ballot.

Election results

Measure P
Result Votes Percentage
Approveda Yes 107,996 65.91%
No 55,867 34.09%


Election results from the Los Angeles City Clerk as of 2:44 a.m. on March 9, 2011

Supporters

  • The official voter guide arguments in favor of Measure P were signed by Councilwoman Jan Perry.[3]
  • Stephen Box, a writer for LACityWatch, said, "While it’s important to plan for emergencies, it’s unfortunate that it takes a Charter Amendment to ensure fiscal responsibility. Again, this is a small step in what amounts to be a long journey to budgetary responsibility."[4]

Opponents

No arguments in opposition to Measure P were submitted for publication in the official voter guide.[3]

Newspaper editorials

  • The Los Angeles Times supported Measure P, writing, "This measure amends the City Charter to require contributions to the existing emergency reserve fund and would make it harder for the City Council to draw money from it in non-emergency situations. It's a fiscally prudent move."[5]
  • The editorial board of the Los Angeles Daily News supported Measure P, writing, "Every smart person has an emergency saving account for the unexpected crises; the city should have one, too."[6]

Text of measure

The question on the ballot:

Measure P: Shall the Charter be amended to: establish an Emergency Reserve Account within the City's Reserve Fund, with an annual balance of not less than two and three-fourths percent of General Fund receipts, to be accessed only if the City Council finds by a two-thirds vote that there is an urgent economic necessity and to be replenished in the subsequent fiscal year except in the event of a catastrophe; establish a Contingency Reserve Account within the Reserve Fund for expenditures and revenue shortfalls unanticipated in the annual budget with details defined by ordinance; and establish a Budget Stabilization Fund within the City Treasury with details defined by ordinance?[7]

External links

References