Workshop set to discuss how best to spend $22 million
The Poway City Council is hosting a special meeting Thursday to seek public input on how the city should spend roughly $22 million in extra cash from the city’s reserves, a kind of municipal savings account that has been growing over the past 35 years.
A report last year from the Government Finance Officers Association concluded Poway should have between $12.5 million and $19.4 million in reserves. The council has said it wants the fund balance to mirror about 45 percent of the city’s annual operating budget.
By the 2014-15 fiscal year, the city had accumulated about $40 million in reserves — equal to about 82 percent of the operating budget. Dropping to $18 million met that 45 percent target, and left roughly $22 million available for other purposes.
“We’ve got unallocated funds and some important decisions to make,” said Poway Mayor Steve Vaus. “If somebody has a dream, this is the time to pitch it.”
Thursday’s workshop, the first of two to be held, is an opportunity for the public to weigh in on how the money should be spent.
Vaus said he’d like to see the city use a good chunk of the surplus cash to pay off some existing debt.
“I hope we don’t go off chasing shiny objects,” he said. “But this is a rare time in the history of the city where we’re going decide what to do with $22 million.”
A list of possible ways to spend the money will be presented to the council and should be posted on the city’s website Monday.
Vaus said some of the suggestions include applying some of the money as a down payment toward construction of the new Mickey Cafagna Community Center in Community Park, which has an estimated price tag of $20 million; continuing the under grounding of utility lines along Espola Road; paying down on one of the city’s underfunded retirement accounts; and investing in solar energy for City Hall and the Performing Arts Center.
The meeting will begin at 6 p.m. Thursday in the City Council Chambers, 13325 Civic Center Drive.
Vaus said the workshop will offer an opportunity to council members to push for their pet projects as well.
“They can try to run it up the flag pole and see if anybody salutes,” he said. “But for me, my goal is to reduce our indebtedness.”
