Bay Area Quake Relief Fund $677 Million Short
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SACRAMENTO — The disaster relief fund set up by the state following the Loma Prieta earthquake won’t come close to paying the recovery costs of the 1989 temblor, officials said Wednesday.
The state auditor general said the 13-month quarter-cent sales tax increase approved by the Legislature following the 7.1 magnitude San Francisco-area quake raised $776 million for the fund. But auditor general’s report to the Legislature said recovery costs will exceed the fund by $677 million.
Most of the shortfall--$648 million--is needed for highway repair and reconstruction and will have to come for another source, according to the report. State Finance Director Thomas Hayes said the Administration is seeking such a source.
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