$ 332 million is a conservative estimate of Coronado’s debt that's hidden off our balance sheet. It's excessive. It's unacceptable.
To give you a sense of the magnitude of Coronado's outstanding off-balance-sheet debts, they are approximately 800% greater than our anticipated tax revenue for this current Fiscal Year 2013-2014. Our anticipated tax revenue for this…Continue
I was very pleased to read that Councilman Richard Bailey entered into our eCoronado community discussion on Coronado finances over the weekend.
By way of background, our FY 2013-2014 city budget narrowly passed with a Council vote of 3-2. Mr. Bailey voted for the budget and I voted against it. It's logical to assume that we don't feel the same way about Coronado city…Continue
Residents following the European Sovereign Debt Crisis (EuroZone Debt Crisis) know it offers valuable financial lessons for Coronado city. Coronado officials who mask city debt and deny the existence of our city's massive off-balance-sheet debt are acting against the best interests of our residents and…Continue
Coronado has the highest per capita redevelopment debt in our entire county. Our town went overboard and incurred massive redevelopment debt beginning around 1985. Since the state ended redevelopment on 1 February 2012, Coronado taxpayers are left holding the bag.
In order to see how Coronado compares to other cities in San Diego county, we spent some…Continue
Reform of our city financial reporting requirements is necessary in order for Coronado taxpayers to see an accurate picture of our city's financial situation. Coronado financial reports aren't transparent enough.…