In 2014, I campaigned for City Council on a platform to end 7 years of deficit spending. Since I was elected, the City Council hasn’t approved a single dollar of deficit spending.
When I was elected, the City had almost no emergency reserves, funds available to fill shortfalls when the economy declines. Today, Vista is proud to have built an Emergency Reserve Fund equal to 35% of our annual General Fund expenditure.
Why does it matter? In 2008, the City had to ask employees to take a reduction in pay, or face layoffs. The City at that time was forced to reduce staffing, cut pay and eliminate city services, including parks and recreation for Vista’s children.
Failure to plan for budget shortfalls is a failure to lead. The next recession is always just around the corner. We must remain prepared to fund shortfalls in revenues caused by economic downturns.
As a business owner, and sound family financial leader, I know the importance of planning for the future. I bring those same common sense business skills to city hall, and I’m extremely proud of the City’s track-record during my tenure on the Council.
Better Investment Policy:
Sound fiscal leadership doesn’t just involve saving for emergencies. It also means proper oversight of financial decisions including investment policies. California state law severely limits investments available to public agencies, but under my leadership, the City has employed the best financial advisors in the public asset management business, and we have increased our investment returns in some cases by as much as ten-fold.