Yay, someone else willing to pose with us!
It appears that City Controller Wendy Greuel is the anti-Austin in the 2013 campaign. The Controller's report on the City's projected performance over the next year looks, well, grueling.
Highlights from the flackage includes:
- For fiscal year 2011-12, the Controller anticipates that property tax receipts are expected to decrease by $24 million.
- The Controller also projects that business tax and licenses permits and fess will decrease, while sales tax, utility users tax and transient occupancy tax will increase.
- Additionally, for the fiscal year 2011-12, the Controller projects that the City will receive a decrease in various transfers from other funds, including Special Parking Revenue Fund - $10 million, Power Revenue Fund - $4.8 million and Telecommunications Development Account - $4 million.
- The Controller anticipates the City needing to borrow $450 million in Tax and Revenue Anticipation Notes (TRANs) next year to cover cash flow.
- The City will be required to pay $628 million in debt service next year.
The issuing of the report today now makes more sense given yesterday's news.
Also of interest: Richard Wolfe, How the rich soaked the rest of us. &c.