SAN DIEGO (CNS) - Mayor Jerry Sanders' staff Wednesday told the City Council's Budget Committee today that San Diego should see a budget surplus of $4.9 million in the coming fiscal year.
Despite some uncertainties, the mayor's staff projected a surplus up to $94.2 million by fiscal 2018.
Sanders' staff projects moderate growth in sales, property and hotel room tax revenue. That growth, however, could be undone by if the larger economy goes south.
San Diego City Employees Retirement System investments have fared poorly recently, and city contributions --ultimately derived from taxpayers -- may be increased to meet obligations to pensioners. Combined with the initial costs of implementing retirement benefit changes called for in Proposition B -- passed by voters in June -- the city might be faced with a new expense of up to $37 million next year, the report says.
Mark Leonard, the city's financial management director, said the figure is a "worst case" scenario.
SDCERS is scheduled to determine the amount of the city's contribution in January, following an actuarial analysis.
The report notes that the dissolution of redevelopment agencies by the state could leave the city's general fund on the hook for debt service for the construction of Petco Park and a prior expansion of the convention center. That would be a $14 million hit to the budget, according to the report.
However, the mayor's staff expects the current system, in which revenue still being generated by former redevelopment agency activities cover the debt payments, to continue for those projects.
The budget projections assume no raises for city workers, other those called for in labor contracts, and do not include expanded services, such as longer library or recreation center hours, according to Leonard.
The committee members voted unanimously to forward the report to the full City Council. They also asked staff to include an update at that time on some information technology issues and further details on costs for capital improvements.
Lottery players across the U.S. scooped up $2 Powerball tickets in hopes of beating the odds and winning a massive $700 million jackpot in Wednesday night's drawing.
A skate legend hit the boardwalk in Mission Beach Wednesday. Tony Hawk held a skate "sesh" outside Belmont Park to show off his new board collection. News 8's Shawn Styles caught up with the skating star to find out more.
A former high school teacher who downloaded and possessed thousands of images of child pornography, some of which depicted children under the age of 12, was sentenced Wednesday to more than eight years in federal prison.
Back to school season includes new clothes, school supplies and often a new haircut. However, some parents might not have a fresh cut in the budget.
Back to school season includes new clothes, school supplies and often a new haircut. However, some parents might not have a fresh cut in the budget. To help those families and students, The Larry Himmel Foundation and California Barber & Beauty College are joining forces to provide free back to school haircuts for kids around San Diego for the 2nd Annual Back-to-School Haircut event.
Sixteen people and at least one dog fled from a burning home Wednesday morning in the Oak Park neighborhood just minutes before the house became fully engulfed in flames, authorities said.
The U.S. Department of State on Tuesday warned U.S. citizens about the risk of traveling to certain parts of Mexico due to the activities of criminal organizations in those areas.
Testimony got underway Wednesday in a preliminary hearing for a former Navy man accused of torturing and disfiguring his next-door neighbors' dogs over a period of months in Oceanside, poisoning them, burning them with acid and gouging out one of their eyes.
"All Saints" hits theaters nationwide this Friday and the movie's star John Corbett spoke to Morning Extra on Wednesday.