El Cerrito needs a financial reserve ordinance

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El Cerrito is in a financial crisis. The City has not had a reserve since 2011 and has had to use loans to stay afloat. There is a policy for a 10% reserve but that policy has not been observed. It's time for an Ordinance so that the City can build back reserves, be financially responsible and be held accountable. An Ordinance will have teeth and be enforceable.  

Without an ordinance El Cerrito is at risk for continued financial mismanagement and even more painful service cuts. Local financial crisis such as ours have proven to be a drag on property values.