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Los Angeles and other cities stash money to prepare for a recession

JANUARY 25, 2019 | by Scott Calvert, Jon Kamp | THE WALL STREET JOURNAL

States may cut aid to local governments during recessions, and cities still have to balance their budgets, Ms. Murphy said. Many cities don’t lock away money in formal rainy-day funds, but they commonly set aside excess revenue as reserves. The amounts vary widely, though the Government Finance Officers Association maintains that enough money to cover two months of a city’s annual general-fund budget is a good benchmark.

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