Financial Responsibility

By Steven William Scheinkman

Approximately $20 million of this indebtedness went toward the purchase of a new City Hall. We acquired the property at auction for $15 million. We were the only bidder (think about that) and it will cost us another $3 to $ 4 million in renovations before we can actually use it as a City Hall.

At the same time Malibu was borrowing money with one hand, we were giving it away with the other hand. We watched in disbelief as the City gave the owners of the Lumber Yard what amounts to a $1.5 million interest free loan for 15 years, unfairly subsidizing high-end out of town retailers to the detriment of local business owners who are struggling to meet their own monthly rent payments. Most Malibu residents are angry and scratching their heads trying to figure out how and why this happened.

Malibu is growing up as a city, and our finances are getting more complex. Balancing our financial picture in the future is going to require sound long term budgeting and financial decision making.

I will ensure that we make those sound financial decisions. As a Council Member, I pledge to:

-Develop a long range Master Financial Plan for Malibu.

-Hold a Malibu Youth Summit and use that Summit to create a specific financial plan to accommodate the future needs of Malibu's Youth.

-Identify all required infrastructure improvements and create a capital Improvement plan to ensure that all improvements can be funded as required.

-Conduct relationships with our business partners in a fiscally responsible manner.

-Comply with the City Council policy and maintain adequate cash reserve including an emergency reserve fund. Review our litigation expenses and eliminate wasteful lawsuits.

-Work with the State and Federal government to maximize available grants and stimulus funds.