SAN DIEGO (CNS) - Revenues to the city of San Diego are projected to "modestly improve" over the next five fiscal years, while expenses will continue to rise, according to a financial outlook to be delivered Thursday to the City Council's Budget Committee.
The five-year outlook, released annually in November by the mayor's financial staff, projects steadily increasing general fund surpluses through Fiscal Year 2021. The general fund pays for basic services like public safety, parks and libraries.
The anticipated surpluses begin at $200,000 for the next fiscal year, and grow in subsequent years to $7.9 million, $25.1 million, $46.4 million, and $73.7 million.
The surplus predictions include a baseline -- reflecting projected revenues along with the cost of maintaining current service levels -- plus what the authors call "priority initiatives," which include infrastructure projects and public safety.
The projections don't include factors that occasionally pop up, like increases in contributions to the employee pension system.
"We all know the economy follows a boom and bust cycle, so I believe good periods like this are the right time to plan ahead, save for a rainy day and invest in the future," said Mayor Kevin Faulconer.
"I plan to continue to put even more of our tax dollars to work fixing streets and neighborhoods, and a growing economy is key to these efforts," he said. "But we must continue to live within our means and practice financial restraint."
Planned infrastructure improvements that are included in the projections include street and sidewalk repair, and storm water upgrades. Public safety spending would go to a computer-aided dispatch system for the San Diego Police Department, and staffing and equipment for new fire stations, among other things.
The city's main revenue sources -- property, sales and hotel taxes, and franchise fees -- are all expected to climb over the next five years, but the rate of increase could slow in the last couple of years, according to the report.
Scientists continue to make progress on an early earthquake warning system for California, but funding is in doubt.
A California assemblywoman says accusations of sexual misconduct against her are part of a political effort to discredit her.
A man described as elderly and unable to walk was rescued Tuesday from a burning apartment in La Mesa.
A cold snap that settled over Southern California over the weekend delivered a few record low temperatures in the San Diego area Tuesday, the National Weather Service reported.
For a few years now, the lowly San Diego Padres have preached about "the process" of their deep rebuild via the draft and signing international players after their win-now attempt with pricey veterans failed so spectacularly in 2015.
A social media post originally believed to have threatened a school shooting at San Marcos High School Tuesday sparked an investigation that found there was no specific threat made to the school, law enforcement and school district officials said.
The discovery of a threatening graffiti scrawl at High Tech High Media Arts led Tuesday to a heightened police presence at the Point Loma charter school.
It began as an innovation project and now it's become what many are calling the car of the future. News 8's Shawn Styles takes us behind the wheel of an electric car that was developed from Crowd Sourcing.