No on G

By Michael F. Denny

Why I don't support the establishment of a Rainy Day Fund

This Charter Amendment is called the "Rainy Day Fund" as it recommends that City Hall should save money during surplus times rather than spend. While it is unlikely San Francisco will see surplus funds soon, putting politicians in charge of a "Rainy Day Fund" is like having foxes guard the henhouse. Surplus funds should not be put into a "Rainy Day Fund". They should be returned immediately to taxpayers as they do in Colorado and other places that value true fiscal responsibility.

Proposition G is not sound fiscal management or good government. It's the exact opposite. In fact, it allows City Hall to overtax San Franciscans and keep the money.

Proposition G says it "will eliminate double-digit spending increases". Big deal! The 5% spending increase allowed by Proposition G represents nearly $250 million dollars per year. And if politicians tax more than 5% over budget, the rest goes into their "Rainy Day Fund". Thanks Supervisors.

The Supervisors say the "Rainy Day Fund" is reasonable as other states have them. Who cares? State fiscal irresponsibility is rampant. But in Colorado, all excess funds go back to taxpayers. Now they have a stake in their budget and have reduced spending. And taxes and spending can only increase proportionally with population and inflation. San Francisco incomes and populations are declining but City Hall wants to spend 5% more and keep the rest. Thanks Supervisors.

Proposition G says it provides "a cushion to City services" during downturns. But where's the taxpayers' cushion? Nowhere!

Supporters say it will reduce borrowing costs. Yet our bond rating is in jeopardy because City Hall can't manage money. Yet they say G will make City Hall responsible. Do I hear laughter?

Proposition G will increase taxes and spending while City Hall tries to make it look otherwise. Our existing controls on the budget are better than what Prop G proposes. Tell them that you will not be fooled by fake reform. Demand real accountability and good government from City Hall. Send G back to the drawing board. Vote for San Francisco taxpayers. We want less spending and our surplus money back.

Vote NO on G.

Michael Denny Candidate for Mayor