How does San Bernardino recover from bankruptcy? At his annual State of the City address on October 8, 2013, Mayor Patrick Morris directly answered this question with a specific 10-year, 10-step Financial Recovery Plan for San Bernardino. The purpose of presenting a detailed recovery plan is to plant the flag, and create a starting point for a very serious discussion, during a very time-compressed window, when city officials, civic and business leaders, and residents must come together to adopt a financial plan to save San Bernardino. As you are aware, San Bernardino is reeling from a financial crisis and faces dire times if immediate action is not taken. The Mayors State of the City address details the fiscal and political nightmare that drove San Bernardino into bankruptcy. This summer, the City entered formal bankruptcy after years of economic and fiscal distress. Contributing factors include: 15 years of city officials granting huge increases to employee benefits and pensions, a city charter that mandates annual increases to public safety salaries, continuous cuts to city services and infrastructure to pay for increases to salaries and pensions, debilitating political infighting, and economic impacts of the great recession of 2008. Outlined below, you will find the critical actions that must be taken to erase San Bernardinos cumulative $360 million deficit. 1. Maintain access to capital markets at reasonable rates to eliminate the Citys infrastructure deficit 2. Reduce general fund labor costs by contracting out for city services and pension reform 3. Restructure fire and medical service deployment by closing four low service demand fire stations 4. Reduce funding for unnecessary fleet replacement and city attorney services due to contracting out city services 5. Create additional revenue by franchising refuse services and extending the utility user tax to city enterprise operations *If adopted by the City Council, the actions in the Financial Recovery Plan would save the City of San Bernardino approximately $30 million annually for the next decade. We encourage you to read the full-version of the 10-Year Financial Recovery Plan for San Bernardino and the State of the City address. Its up to you now, to get involved and turn this nightmare around.
Posted on: Tue, 15 Oct 2013 17:03:48 +0000
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