It’s not too late to change Proposition D, argue the sales tax/financial reform ballot measure’s backers.
Proponents of Prop. D are now touting a new plan devised by business leaders that they say will eliminate the city’s on-going budget deficits as part of the proposition’s package of reforms.
Highlights of the plan include:
• Guaranteeing that the proposed reforms save $73 million annually.
• Allowing no more than $20 million a year in new tax revenue to go toward restoring services like library hours and fire engine closures.
• Forcing 50 percent of any future budget surpluses to go toward reducing city debt or improving reserves. The rest would go toward city roads and other infrastructure requirements, or one-time expenditures.