Yes the city does have a reserve, however it is meant to get us through temporary emergencies, like the COVID pandemic or the Great Recession of 2008, not to address ongoing revenue shortages. Our reserves are now close to the minimum recommended. If we use the reserve now, there is no money in the pipeline to replace it, or for emergencies – all but ensuring catastrophic cuts to services when there’s another downturn. That is not responsible planning.

These funds also earn interest, providing additional revenue. The higher the reserves, the more interest and revenue we earn to help offset future costs. Maintaining a sufficient reserve is a critical step.