Protect The City Of Livermore's Public Services
We the undersigned Livermore residents request the City Council members keep their promise NOT to use Livermore's General Fund to finance the building of LVPAC's (a private entity) 2,000 seat Regional Theater in downtown Livermore. The 2010-2011 General Fund budget is projected to be $75 Million and is needed for Livermore's vital public services, such as, police, fire, public works, library and social services. The Regional Theater is a luxury item with a building cost of approx. $70 Million and a finance cost of $169 Million over a thirty year period. If the General Fund is used to guarantee payment of LVPAC's loan and LVPAC defaults, the General Fund will be liable to make the payments on this loan for the next 30 years.
At a time when our Nation's economy is uncertain and our own City Budget in 2010 has suffered a 15% reduction (from $81.6 Million to $69 Million) in revenues due to a drop in property values and a lower tax base, using our General Fund as a surety for a luxury item desired by a private entity is imprudent.
The City's rainy day fund has already been severely depleted. Plus, the City has not filled many vacant positions, and has laid off city employees in police, fire, public works, and library services. City employees have suffered benefit reductions by forgoing raises and/or paying the portion of their retirement the City had previously paid. Going forward in this new economic reality for the fiscal years of 2010-2012, the City Council approved a $5.4 Million reduction in police, fire, library, public works services, and other general fund contributions. This represents one of the largest losses of City services in Livermore history.
Therefore, we the undersigned Livermore residents request the City Council keep their promise NOT to use the General Fund to assist LVPAC in financing their Regional Theater or, at the very least, to bring this matter for a public vote to allow the good people of Livermore to properly decide the matter.