Financial Deficit and Decision Making
Financial Deficit Not Just Because of COVID But Poor Decision Making Before That
- Did you know we are going to be in a $34M deficit? However, the council majority is keeping the public from finding out why. Instead of deflecting and shifting blame to the 2000 leadership (that was 20 years ago!); it is because of more recent decisions and among others, to kill revenue streams based on political agendas. These poor decisions are due to a lack of understanding about long-term financial forecasts and planning and also a lack of forward thinking. In today’s times, Councilmembers need to be more capable, skilled and experienced to analyze and understand the complexities of the increased number of variables and considerations to be made.
- The decisions and considerations made by the current council majority block haven’t been well thought through. It is apparent in so many choices and votes made by the incumbent, Kathy Watanabe, and the other majority bloc members, such as the affordable housing decisions from 4 years ago up to until now. For example, City negotiations which benefit the corporate or business entity rather than the people.
- Levi’s Stadium is the prime example. First, the same people who brought the stadium in to Santa Clara (Measure J supporters including the incumbent) made bad decisions that turned into bad contracts. Up until 2016-17, the city made millions of dollars from our stadium, but in the last few years, we have made close to nothing. This year they only made around $18k.
- Another example, they shut down the marketing arm of the City (the Visitors Bureau), though it had a huge economic benefit of $130Million to the City, its hospitality, restaurants and other SMB businesses, and residents. The Visitors Bureau booked the big events years in advance. If the marketing arm had continued to be in effect while they found a new alternative, providing continuity of service, they could have had more reserves and plans in place for the future.
- The current council majority bloc has given undue benefits to developers which have severely impacted the quality of life of ordinary residents like you and me.
- Read the article in more detail
We deserve better leaders who have the credentials and qualifications to do better. I hope I have your vote and support!
— Harbir Bhatia