Budget
In one word: Balance
I am committed to safeguarding the quality of life and the economic vitality of Palo Alto for future generations. My wife Susan and I have three small children in Palo Alto schools. We own a home in South Palo Alto. My office is one block from City Hall. I have a vested interest in keeping Palo Alto one of the best places on the planet to live and raise a family.
Based on my work as a Certified Pubic Accountant and Financial Advisor to Fortune 500 companies and major hospitals throughout the nation, fiscal balance plays a vital role in my vision for Palo Alto.
There are many complex issues that face our City. Making one good decision at a time is the only way to protect the solid foundation we enjoy. As an experienced financial leader, I will be a voice for fiscal discipline. I have no conflicting special interests. I am free to truly represent the best interests of our community.
I believe that through citizen participation, we will gain greater community understanding of our costs to be governed.
After doing some reading in the City's 2-inch thick budget, I learned the following:
1. Each Palo Altoan pays a little more than $200 a month to be governed. (This fee excludes the cost for the Enterprise funds for utilities, garbage, etc.)
2. Depending upon the size of your family, that $200 a month multiplies quickly. For a family of five like mine, that's more than $1,000 a month or $12,000 a year. As a worker, the effort required to earn that amount sufficiently motivates me to gain a deeper understanding of the value I am receiving for that $12,000.
We can expand our understanding and learn from our neighbors. To develop a deeper understanding of our civic finances, I will start by comparing Palo Alto's cost to govern to that of some neighboring towns. We are then free to implement the best practices that apply, and sustain fiscal balance.
The following points may seem obvious, but I believe they are worth mentioning:
1. Building reserves in prosperous times is the best way to balance out unforeseen shortfalls in the future.
2. Even in balanced times, ongoing benchmarking (external efficiency comparisons) can point the way to opportunities. Why wait until the economic environment dictates spending choices? It is a moral responsibility to offer the best service at the lowest cost.
3. There is no question that we need to keep a balance with a focus on keeping our revenue base healthy. I have a bias toward development choices that can build our tax base with hotel, sales and high value property tax revenue, so as to help pay for improvements in services and infrastructure, which will minimize and reduce the incidence of special taxes on homeowners and renters. (Of course this must be done within the context of the Comprehensive Plan, which is intended to provide a fair and consistent level playing field.) See the Comprehesive Plan tab at the left.