The city of San Diego is predicting it will have $58.5 million extra in its general fund in fiscal 2016, according to Mayor Kevin Faulconer's office.
In a statement Friday, Faulconer said he plans to spend $55.6 million of that extra money on infrastructure and neighborhood investments, public safety, technology improvements, and transparency and open data. If the predictions in the financial outlook pan out, he said the city will spend at least an extra $28.8 million in fiscal 2016 on infrastructure and neighborhood investments.
The prediction comes from the city's Five-Year Financial Outlook, which tells Faulconer and other city leaders how much money they can expect to have as they create the next fiscal year's budget. Faulconer's budget proposal for the fiscal year that begins July 1 will be released in April.
The financial outlook also predicts steady growth in revenues through fiscal 2020, when the city predicts a surplus of $164.1 million, according to Faulconer's office. After spending on his initiatives, the mayor expects the fiscal 2020 surplus to be $61.8 million.
Faulconer has pledged to spend 50 percent of new revenue growth on infrastructure and neighborhood improvements, and he said this spending plan fulfills that promise.
“The good news is we can continue my focus on neighborhood improvements because our economy is growing again and the days of budget cuts appear to be in our rearview mirror,” Faulconer said in a statement. “With a modest surplus projected, the City must continue with a fiscally responsible and results-driven approach in order for more tax dollars to be invested in roads, parks and other neighborhood amenities. I will also continue to create more economic opportunities in San Diego so the revenue coming in continues to grow.”
