FACTS YOU SHOULD KNOW
·
The Hall property park will cost $19.3 million
to build. The existing funds are only $7.8 million eleven years after purchase
of the property. Last year these funds
were said to be $8-$9 million.
·
The Moonlight
Beach renovation will cost $4.8
million. The existing grant funds are $1.9 million.
·
There isn’t sufficient funding to build the Hall
property park and renovate Moonlight Beach.
The City has cobbled together a scheme that pushes
fiscal limits and will place your City in a precarious financial position. The
City proposes to do the following:
·
Reallocate
funds from 15 other capital improvement projects and two other fund balances.
·
Borrow
money using Lease Revenue Bonds that require a revenue stream.
FACTS YOU SHOULD KNOW
ABOUT REALLOCATION
·
Reallocation will strip other project funds bare
with no easy way to replenish them. Open
space acquisition, drainage systems, fire stations, and other civic projects
will all be imperiled.
·
Shifting of priorities will yield an additional
$7 million for the Hall Park.
A shortage of $4.5 million for the Hall
Park and a shortage of $2.9 million
for Moonlight Beach
renovation will still remain. THE REMAINDER WILL HAVE TO BE BORROWED.
FACTS YOU SHOULD KNOW
ABOUT USING LEASE REVENUE BONDS
·
They only require a council majority to approve
and release. The public has no vote.
·
Projects must generate a revenue stream to make
the yearly bond payments. Neither
project produces a revenue stream. In
fact, the Hall property park will cost an extra $0.5-$1 million in maintenance
per year. WHERE WILL THE MAINTENANCE MONEY COME FROM?
·
The bond repayment can only come from the General Fund. IS PUTTING ADDED STRESS ON THE
ALREADY TIGHT BUDGET A WISE THING TO DO?
FACTS YOU SHOULD KNOW
ABOUT USING THE OPTION OF GENERAL OBLIGATION BONDS
·
Yearly assessment on every property tax bill in
the City
·
Lower interest rate and guaranteed funding
·
No strain on the General Fund and no stripping
of funds for other essential projects
·
Voters would decide the prudence of the projects.
ADDITIONAL VITAL FACTS
·
Toxic
Soil: The County of San Diego Department of Environmental Health has
mandated the City excavate the Hall property and bury on site approximately
46,000 cubic yards of contaminated soil with continual testing to make sure the
land will be safe to play on. The County
WILL NOT be sending any inspectors to
ensure compliance. WHO WILL ENSURE THE
SOIL IS SAFE FOR OUR CHILDREN?
·
Air
Contamination: Recent research on air contamination
indicates that fine particulate matter from the adjacent freeway to the Hall
property can be a serious health hazard, especially to young children engaged
in strenuous activity. Air monitoring
equipment should be installed for everyone’s safety after park completion. WHY HAS THE CITY REFUSED TO EVEN DISCUSS THE MATTER?
ASK YOURSELF THESE QUESTIONS:
·
SHOULD WE
JEOPARDIZE THE FUNDING OF OTHER VITAL PROJECTS?
·
WILL THE CITY HAVE SUFFICIENT FUNDS FOR UNEXPECTED
EXPENSES?
·
SHOULD WE
BORROW ON OUR CHILDREN’S FUTURE?
CORRECTION: 46,000 cubic yards not 46,000 cubic feet as initially posted
