Back to Basics
Balance the Budget
For nearly two decades, the City has been running a structural deficit; and unless drastic changes are made, the City’s general fund will run completely out of money sometime in 2016. All told, the City is now over $20 billion in debt, including $5 billion in unfunded pension and health benefits to current and former employees.
Instead of dealing with the actual causes of these severe shortfalls, City leaders have instead sold off assets, borrowed money and transferred money between funds as it grows ever deeper in debt. The trouble is: the City has pretty much emptied its bag of financial tricks. Its own projections now show that we are facing deficits of between $500,000,000 and $1 billion over the next five years.
There are many issues that need to be addressed to right the City’s fiscal ship, including pension reform and zero-based budgeting to test the necessity and effectiveness of all expenditures on a regular basis. As a businessman who has managed expenses and met payrolls for over 40 years while working in Houston, Bill King is committed to bringing that same real-world executive focus to City Hall.
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