SOURCE: San Diego Regional EDC

San Diego Regional EDC

September 28, 2010 12:38 ET

Statement of Strategic Roundtable RE Citizens Fiscal Sustainability Task Force Analysis of Proposition D

SAN DIEGO, CA--(Marketwire - September 28, 2010) -  The Strategic Roundtable, a group of long-time civic leaders who have made fiscal reform in the City a top priority, requested that the Citizens Fiscal Sustainability Task Force complete an analysis of the impact of Proposition D on the City's financial condition. Based upon that analysis, the Strategic Roundtable will recommend that citizens vote in favor of Proposition D IF AND ONLY IF the Mayor and City Council enact a binding resolution by October 11, 2010, that commits the City to a plan that includes the following three principles:

  1. Enact strong operational reforms that produce a minimum of $73 million of annualized cost reductions, as verified by the Independent Auditor and the Independent Budget Analyst.
  2. Implement a spending freeze that permits no more than $20 million per year of critical service restorations.
  3. Adopt a budgetary discipline that ensures that, in the event of any future budget surpluses, a minimum of 50% of the surplus shall be utilized to either reduce City debt or improve City reserve funding, and any remaining balance of the surplus will be utilized for expenditures on critical infrastructure requirements or important one-time expenditures that do not impact future budget-year expense run rates.

These actions are necessary to accomplish the stated goals of eliminating San Diego's chronic budgetary imbalances after the expiration of the five-year sales tax increase and restoring the City to a position of fiscal stability.

If the Mayor and City Council do not commit by October 11, 2010, to take these actions, the Strategic Roundtable will actively oppose the passage of Proposition D.

The Strategic Roundtable is a leadership sphere of the San Diego Regional Economic Development Corporation, a group of long-time civic leaders who have made fiscal reform in the City a top priority.

Contact Information

  • Contact:
    Andrew Poat
    Cell: 619 964 6805
    Office: 619 234 8484