reserve fund

The new allocations will be pulled from reserve funds, officials said, and increase the Automated People Mover budget from $2.9 billion to $3.34 billion.

To close the short-term financial gap, the council also will likely need to dip into city reserve funds, leaving fewer dollars if a crisis occurs, Szabo said.

In 2017, about $23 million came from a Queen Mary reserve fund and bond issue from the Queen Mary’s Carnival sublease.

Leora Freedman, CSU’s vice chancellor for human resources, said Friday those reserve funds cannot be tapped for wage hikes because they are meant for times of economic uncertainty or emergencies, including wildfires or earthquakes.

The museum’s reserve funds, she said, “are nearing exhaustion level and that has been our cushion. We have also exhausted our lines of credit and have loans.”