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Councilmember Frye Says City Budget Deficit Actually Much Higher; Also Derides Bond Issuance

Councilmember Donna Frye, consistently the only member of the body to have a grasp of economics, today (March 20) sent a letter to Mayor Jerry Sanders, stating that the actual budget deficit could be $60 million, not the $45 million that the City reports. She asks Sanders and Jay Goldstone, chief operating officer, to provide her the most recent budget deficit numbers. (This does not include the disastrous pension situation. What's owed for the pension is done with a two-year lag. If new information were included, the realistic deficit would be at least $100 million higher, she says.) Frye says she spoke with Independent Budget Analyst Andrea Tevlin, who said she had been told by Goldstone that the actual deficit is more like $60 million. "When was Mr. Goldstone planning to tell councilmembers and the public?" asks Frye. She also wrote a letter today to Council President Ben Hueso about the $103 million bond that Sanders announced yesterday. The bond includes almost $4.9 million in interest-only payments through June of next year. Then the City will pay a higher interest rate. This is the kind of kinky mortgage that has gotten the entire society in deep trouble. Former City Attorney Mike Aguirre had opposed the bond issuance, saying the public should vote on it. It became an issue in the election that he lost. Says Frye, "I am very concerned that it is a private placement, there is a two year interest-only teaser rate, no revenue source has been identified to pay for this." Frye says that when the council initially OK'd the bond (she voted against it) in April of last year, the council was going to see it again if the projects to be financed changed. She believes there have been such changes. "This is an end run around the public" which should have been given a chance to vote on the issue, she says.

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Councilmember Donna Frye, consistently the only member of the body to have a grasp of economics, today (March 20) sent a letter to Mayor Jerry Sanders, stating that the actual budget deficit could be $60 million, not the $45 million that the City reports. She asks Sanders and Jay Goldstone, chief operating officer, to provide her the most recent budget deficit numbers. (This does not include the disastrous pension situation. What's owed for the pension is done with a two-year lag. If new information were included, the realistic deficit would be at least $100 million higher, she says.) Frye says she spoke with Independent Budget Analyst Andrea Tevlin, who said she had been told by Goldstone that the actual deficit is more like $60 million. "When was Mr. Goldstone planning to tell councilmembers and the public?" asks Frye. She also wrote a letter today to Council President Ben Hueso about the $103 million bond that Sanders announced yesterday. The bond includes almost $4.9 million in interest-only payments through June of next year. Then the City will pay a higher interest rate. This is the kind of kinky mortgage that has gotten the entire society in deep trouble. Former City Attorney Mike Aguirre had opposed the bond issuance, saying the public should vote on it. It became an issue in the election that he lost. Says Frye, "I am very concerned that it is a private placement, there is a two year interest-only teaser rate, no revenue source has been identified to pay for this." Frye says that when the council initially OK'd the bond (she voted against it) in April of last year, the council was going to see it again if the projects to be financed changed. She believes there have been such changes. "This is an end run around the public" which should have been given a chance to vote on the issue, she says.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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