Posts Tagged ‘Proposition S’
San Diego Politics & Media Mashup
Cross-posted at FlashReport
I want to highlight a story in Thursday’s U-T San Diego: “Tax Group to Oppose San Diego School Bonds” It’s worth your attention because it does a nice job of laying out a financial crisis similar to the one in Poway that has received national attention.
In short, the San Diego Unified School District is Poway By The Sea.
In Poway, a $105 voter-approved tax is going to cost $1 billion to pay back. In San Diego, Proposition S, which voters approved four years ago for $2.1 billion, is going to end up costing $10 to $14 billion with interest. That’s not a typo.
A little news item crossed my desk today from the Associated General Contractors regarding a financial report on the status of Proposition S.
As you’ll recall, that $2.1 billion bond measure became a major battle between labor and merit shop interests over proposed construction projects in the San Diego Unified School District.
According to the release, the school district plans to discuss the financial findings on the Project Stabilization Agreement (PSA) further tomorrow during a news conference.
Stay tuned …
December 8, 2011
Contact: Brad Barnum