Redwood City – San Mateo County supervisors today increased the amount set aside for General Fund reserves to 15 percent from 10 percent.
Board of Supervisors President Warren Slocum said the change will help the County to “ensure financial stability and maintain essential services particularly for underserved communities during economic downturns. This will help to ensure the financial stability of the County for many years to come.”
Today marked the final hearing on the budget for the fiscal year that runs from July 1, 2024 to June 30, 2025. The budget now reflects updated revenue and spending adjustments and projections since release of the Recommended Budget in June.
With the revisions, the budget presented totals $5.25 billion to support a vast array of County programs and services that touch the lives of nearly all 760,000 residents. In all, the revised budget includes 5,851 authorized positions for all County funds, a net increase of four authorized positions.
The change is reflected in the final 2024-25 fiscal year budget supervisors approved today. The County’s General Fund reserves balance is currently $507.4 million, or 16 percent of net appropriations.