While we were on the august recess, it was projected that theyd reach trillion, doubling the estimate of we simply cannot continue down this path of spending large sums of money without regard to the fiscal future of our nation. This bill takes the same approach American Families take every day. They simply have to do more with less under the biden economy. American families decide every single day where to cut back spending to pay for whats most important for them. For them, those decisions are difficult. Likewise, we have to make tough, difficult decisions for the good of the nation. This represents 2. 7 billion across discretionary accounts throughout this bill except for the Supplemental Program for w. I. C. With this reduction the fiscal year 2024 agriculture appropriation bills discretionary allocation is 15. 1 billion. By redirecting nearly 7. 5 billion in unobligated funds from the inflation reduction act, this funds the food and agriculture and the Commodity Futures Trading Co
And the second frankly is that the Decision Making process about appropriating funds from the reserve to the district is now resting with the mayor and the board of super visors so certainly that was the intent of the original language, but that is something that the city has you know, the willingness to revisit and change. Thats some of the discussion thats taking place now. The possible changes. One is that there would be two separate reserves created so right now instead of having the one plot of funds in the rainy day reserve, that there would be a split of the one reserve into two reserves. One would be for the district and one would be for the city and the city would receive 75 percent of the current balance and the district would receive 25 percent. And then if the say if and when the city in any year where they would make an additional deposit to the reserve then the same per centages would apply. In other words, we would use the funds to avoid lay offs rather than rescinding l
[inaudible] or whether or not we would be getting [inaudible]. Not in the materials that i went through tonight, but yesterday i sent an email with scenarios and calculations to you. Its hard to tell because its speculative. We dont know what the among other things, we dont know what the policymakers of the city would do in the future, including the near future about making draws or appropriations to the district under the current language so its part of this depends on one zone predictions about how likely and for how long the city would continue to appropriate funds from the rainy day reserve to the district so in my view, it is certainly not guaranteed that the city would continue to make appropriations to the district as theyve done for the last four or five years, at least indefinitely, especially as our own revenues hopefully will continue to increase as the lcff rolls outs and gets implemented. We could see that each year wed certainly make the case, but even in bad years weve h
Problem. If thats done im okay. Any other questions, comments . You mentioned none of this is set in stone, so can we 60, 40, instead of 75, 25 . Just kidding. My suggestion about this is [inaudible] or whether or not we would be getting [inaudible]. Not in the materials that i went through tonight, but yesterday i sent an email with scenarios and calculations to you. Its hard to tell because its speculative. We dont know what the among other things, we dont know what the policymakers of the city would do in the future, including the near future about making draws or appropriations to the district under the current language so its part of this depends on one zone predictions about how likely and for how long the city would continue to appropriate funds from the rainy day reserve to the district so in my view, it is certainly not guaranteed that the city would continue to make appropriations to the district as theyve done for the last four or five years, at least indefinitely, especiall
Percent of the current balance and the district would receive 25 percent. And then if the say if and when the city in any year where they would make an additional deposit to the reserve then the same per centages would apply. In other words, we would use the funds to avoid lay offs rather than rescinding lay offs and thats proving to be a very process. The second change is who decides whether a draw should be taken. This change would allow the board of education without needing approval to decide to take a draw under certain conditions. The third change is that all of this is subject for the board to weigh in on and none of it is set in stone. Its just proposals were bringing to you. The third is to increase the withdrawal allowance from 25 percent to 50 percent. Now, this would be 50 percent of the districts reserve, of the district portion of the reserve. And then here are three, possibly among others, but three different options for conditions for the withdrawals so one is to in a w