Reform 8.3: Spending Cap
Adopt a Five Year Spending Cap With An Infrastructure Financing Reserve. Other Information:
The Roadmap to Recovery provides a five-year fiscal forecast projecting revenues and expenditures in the City’s General Fund.
If the economy recovers, any increased revenues received above the forecast contained in the current budget package should
be set aside into the reserve account to be spent exclusively on repairing San Diego’s infrastructure. To instill spending
discipline, and to lockbox funds for repairing neighborhood infrastructure in this manner, the following ballot measure should
be placed before the voters at the next election: Section XXX: Infrastructure Financing Lock Box There is hereby created an
Infrastructure Financing “Lock Box” Fund in the General Fund for the purpose of reducing the deferred maintenance liability
in city infrastructure. Beginning with FY 2012 and continuing through FY 2016, any increase in General Fund revenues above
2% per annum shall be deposited in the Infrastructure Financing “Lock Box” Fund for the purpose of rebuilding core city infrastructure.
In expending funds from this Infrastructure Financing “Lock Box” Fund, the Mayor and City Council shall make every effort
to leverage funds to facilitate the maximum level of investment in infrastructure. In selecting projects to be funded from
the “Lock Box” Fund, the Mayor and Council shall give priority to repair of streets, sidewalks, and public facilities. The
City Auditor shall verify that the appropriate amount of funds are deposited annually into this reserve account and shall
audit the use of the funds to ensure funds are used solely for infrastructure repair and improvement.
Indicator(s):
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