Finances

By Stephanie Johnson

Despite record property tax revenues, the City is in debt.

Are you prepared to spend another $26.5 million for a Community Center?

City Debt Loan to replenish City Reserve $2,000,000 Debit to PERS Retirement (estimate) $9,000,000

New Library Estimated Construction Cost: $17,500,000 City pledge: 5,500,000 Donations received to-date 3,000,000

Community Center Estimated Construction Cost: $26,324,000

Recreation building would contain a two court gymnasium, indoor pool, fitness area, locker rooms, special events room, babysitting area and staff offices.

Community building would contain a reception area, staff office, bride's room, social hall, kitchen/culinary classroom, and group exercise room.

Projected Annual Revenue: (assumes 50,000 visitors from outside City of San Marino and yearly fee for Residents $850, non-residents $1,000) $1,811,000

Projected Annual Operating Cost: 1,953,000

Projected Net Annual Operating Cost: -142,000