New subcommittee to review Del Mar’s financial structure

By Kristina Houck

To assist the Del Mar City Council with exploring options for a new city hall and other capital improvement projects, council members on Oct. 22 directed the Finance Committee to establish a subcommittee to analyze the city’s financial structure over the next 20 years.

The three- to four-member group will offer a second perspective and recommendations on opportunities for increasing revenues, reducing costs and financing major capital projects with the goal of maintaining the city’s financial health.

“These kind of discussions are all fairly significant for the city,” said Mayor Terry Sinnott, who proposed the subcommittee, along with Councilman Al Corti. “We should allow another look at the numbers, another look at the proposals, as they’re presented so we have another input, as a council, from these folks.”

Members of the Finance Committee have already discussed how they would approach this assignment, according to the staff report. To advise the council on how to fund and prioritize proposed projects, the subcommittee is tasked with reviewing the city’s bond assumptions, capacity and recommendations from outside bond counsel, as well as the city’s 20-year capital improvement program bond capacity, revenue options and cost reduction options.