SAN DIEGO — Short of finding what San Diego's Independent Budget Analyst calls a "major source of new revenue," the city will soon face a significant budgetary shortfall. In a December 12 report, the city's budget watchdog said without that new funding residents must plan "for significant cuts...that will result in lower service levels and fewer city-run programs" as soon as next year.
For residents of San Carlos who have waited for a new library to be built for nearly three decades, the city's structural deficit, according to the Independent Budget Analyst could mean the city may have to close the chapter on a new library or, at best. wait far longer than expected.
According to the report, the city estimates a new library will cost $47.5 million. Of that, nearly $10 million has been spent on design. However, even with another $1.5 million state grant, the city will be $36.3 million short.
In hopes of bridging the funding gap, the budget analyst said the city applied for a $10 million state grant but was denied.
The city, according to the report, "is now exploring the potential opportunity for a $3.0 million Department of Energy loan which would carry a 1% interest rate over 20 years."
The budget analyst's update comes only four months after the city purchased the parking lot next to the library.
San Diego City Councilmember Raul Campillo said his fight to build a new building is far from over.
In a statement to CBS 8, Campillo stated that his office and city staff are looking at various funding sources to help fill the funding deficit.
“Navajo deserves a new flagship branch library, and that’s why I have been working tirelessly with my colleagues, city staff, and state and federal partners to look at all funding sources to ensure the project continues to move forward," said Campillo. "I’m proud of the fact that over the last three years, we have made more progress than the previous thirty. The project will be done in phases, which will allow us to fund the project as we go, even as current economic conditions make it more difficult to find funding. This process will take time, but I’m confident that together with the work of so many dedicated community members, we will continue the strong progress that we’ve made over recent years.”
A spokesperson for the city did not have any information to add.
