Page 14 July 26, 2018 EL SEGUNDO HERALD
El Segundo Rotary Club
presents the 21st Annual in the
SATURDAY • AUGUST 4, 2018
Gates Open: 4:00pm • Movie Starts at Dusk
Chevron Park, El Segundo - Parking at Illinois & El Segundo Blvd.
Admission: $5 (kids 2 and under are free)
bring blankets & beach chair - no high-back chairs please
Tickets available now at Industrial Lock & Security, Big-5 El Segundo
and the El Segundo Chamber of Commerce.
For more info: information@movieinthepark.info.
Or visit: www.movieinthepark.info
CERTIFIED Chevron
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7/9/18
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The Reimann Law Group
Good Ideas. Good Work. Solving Problems.
Brian Magovern, M.D.
S O U T H B A Y
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the economy and the City’s coffers became
healthier.
In an earlier presentation, City Treasurer
Crista Binder and Deputy Treasurer II Dino
Marsocci provided an overview of economic
indicators. Prognosticators predict that unemployment
will begin to rise starting in 2020
and the GDP will drop over the next two years.
An analysis of projected yield curve rates led
experts to foresee a possible downturn in the
next 1.5 to two years. This prompted Lillio to
recommend 19 percent in reserves to hedge
against recession. With estimated expenditures
of $71.7 million in 2018/19, 19 percent in
reserves comes out to $13.6 million.
Lillio presented the Council with three options:
moving up to the full 20 percent (surplus
of $6.1 million), going to his recommended
19 (surplus of $6.8 million), and staying at 18
(surplus of $7.5 million). Councilmember Don
Brann wasn’t satisfied with any of the three and
came up with his own alternative that he called
“Option 4” -- with reserves at just 15 percent.
He maintained that over the last 10 years, staff
has consistently underestimated revenues and
overestimated expenditures. “We shouldn’t be
looking to be the Bank of El Segundo,” he said.
“We should be looking to provide services to
the residents, to support our employees and to
not have these forced choices so dramatically
because we’re sitting on all these millions of
dollars year after year.” Brann opined that the
City is “in pretty good shape” and predicted
that an additional $9 million a year in Measure
C revenues will inevitably come El Segundo’s
way (once LA County puts its own sales tax
increase on a future ballot).
Noting that the City makes little money with
reserves in investment accounts earning low
interest rates, Mayor Pro Tem Carol Pirsztuk
thought it best to prioritize capital improvements
and spend a good chunk of the surplus
there. In addition to bemoaning the condition
of certain buildings in town that need attention,
she also argued that construction costs
continue to escalate and the City could have
saved a great deal of money had it not deferred
various projects in the past.
Issuing the caveat that 25 percent of the
City’s entire budget will go to CalPERS and
unfunded pension liability within a few years,
Mayor Drew Boyles said he would only
consider reducing reserve levels if the extra
monies go towards addressing those items.
He also argued that the City could choose to
borrow money for a major capital project and
that construction costs will drop in the event
of a recession.
Councilmember Chris Pimentel preferred to
keep reserves at 18 percent, agreeing with Brann
that the City ought to not have so much money
tucked away in reserves but also acknowledging
the huge pension debt. Their three colleagues
ultimately provided the majority in setting the
reserves at 19 percent. Councilmember Scot
Nicol said he saw Brann’s point, but suggested
to revisit the matter in a year when it will be
clearer if a recession is coming.
But even without a recession (which would
almost surely result in reduced revenues), staff’s
long-term economic forecast looked bleak. They
estimate that by 2021/22, expenditures will
begin to exceed revenues by about $838,000
with subsequent deficits growing annually from
there until reaching the aforementioned $2.6
million in the red in 2023/24. The main culprit?
Escalating CalPERS pension costs, as usual.
With that in mind, the Council will soon
consider ideas on how to generate new revenues
or increasing existing ones. Items on the table
include an annual review of the City’s master
fee schedule, analysis of refuse services, water/
sewer cost evaluation, continued economic
development efforts, and implementation of
technology to increase efficiency and lower
labor/service costs. Also up for discussion are
potential revisions of the utility user tax and
business license tax and whether to look into
business improvement districts (BIDs) and
landscape improvement districts (LMDs). •