On August 1, 2024, Standard & Poor’s Global Ratings affirmed the city’s AA+ bond rating but downgraded its outlook for the City of St. Helena from “stable” to “negative.” This is a significant development - though not surprising to anyone who follows the city’s financial trends. The city’s financial health is seriously at risk, and there is a need for prompt action to prevent further financial deterioration (which could then result in higher borrowing costs or even receivership). Proactive measures and fiscal discipline are needed to avoid these (extreme, but very real) outcomes.
Fiscal restraint should be implemented promptly. Reducing administrative costs, eliminating excessive or non-essential staff activities, and focusing resources on the areas that genuinely bring value to the city and its residents should be a priority. Administrative operations can be streamlined, and reports by external consultants can be moderated.
Additionally, new revenue sources are needed. Hotels and tourism contribute significantly to our local economy; however, they do not alone constitute comprehensive economic development. We must focus on creating more diverse revenue streams that provide living wage opportunities for our residents and support the community's broader economic goals. (See Economic Development.)
St. Helena has a special set of assets. In addition to a strong sense of community and local pride, unique cultural and historical richness, and local connectedness, the town has a wealth of retired residents with considerable and impressive expertise in various industries, who are eager to contribute their human resources for the town's benefit. Rather than continuing to spend excessive money on reports by external consultants, we can take these talented residents up on their offer to help.
Paid for by Deasy for Council 2024. EIN-99-4403781
702 McCorkle Avenue, St. Helena, CA 94574
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