Click the link below to review all 3 reports.
In 2008 the City of San Diego was reeling from fiscal challenge and scandal. The SEC intervened and the nation looked upon San Diego with scorn. The negative press was simply bad for residents, bad for the city, and very bad for the business climate. In early 2009 the business community offered to proactively help the region because we all knew how important it was for our region to stay economically viable.
In May of 2009, I was asked to assemble a task-force of experienced financial experts and management professionals to help the City of San Diego identify their true economic condition and navigate a path to fiscal sustainability. This private group of talented professionals were subjected to scrutiny and intense criticism because they forced the entire region to understand the true depth of the fiscal challenge. However, the task-force was undeterred in their quest to see San Diego regain its status as America’s Finest City. Therefore, alot of eggs were about to get cracked.
Our simple goal: eliminate the annual Structural Budget Deficit without any accounting gimmicks or deferrals.
As a result of the work of the Mayor, City Council, city employees, and a number of private citizens, the City of San Diego reported structural budget balance and a surplus in April 2012; 2.8 years after we started our work. Success has many fathers and mothers so the credit for turning the City around belongs to everyone in the region. However, sometimes your friends are the only ones that can tell you the hard truth by starting the “intervention” before you feel compelled to take action. Our Task Force played an important role as the “intervener” .
I offer our Citizen’s Fiscal Sustainability Task Force to any City, County, State or pubic-entity that finds itself in a similar situation of fiscal imbalance. The work is hard and the truth painful but we believe every public-entity can get to sustainable fiscal balance if they are willing to dig up the truth and find an honest solution.
Please go to this site and you can read the 3 reports that helped the City of San Diego begin the process towards structural balance and taming their unfunded liabilities.