Big business backs Prop D
Another business organization closely aligned with the Mayor has come out in support of Prop D, the proposed half cent sales tax increase.
These business leaders are members of the Economic Development Organization, or the E.D.C., which represents some of the larger businesses in San Diego.
E.D.C. initially was opposed to the tax because Prop D and its reforms did nothing to address the city's structural deficit. Their support came after the Mayor and the City Council embraced additional reforms that called for annual budget reductions of 73-million dollars, a cap on new spending at 20-million dollars and any surplus will go towards paying down the city's debt or for infrastructure needs around the county.
E.D.C. notes that the millions in revenues and spending reductions now part of the Prop D formula constitute the first and only plan we have to end the financial turmoil that has characterized our city for nearly a decade. But the business group has pledged to repeal Prop D if these reforms are not in place before the tax is implemented.
One concerning issue is that the council has a history of ignoring their own laws. The Mayor added that our quality of life in San Diego stands to suffer a tremendous blow if Prop D fails in November.
The Economic Development Organization believes that these added reforms will help to eliminate business structural deficit. They believe we should see results by 2018.