Council Approves Reform of the City's Retirement Boards
On February 9, the San Jose City Council unanimously approved a proposal by Mayor Reed and Councilmembers Constant, Kalra, Liccardo and Herrera to replace most of the city's retirement fund trustees with independent public representatives that possess financial expertise. The adopted proposal will help promote sound investment decisions by the city's two pension boards, which collectively make investment decisions involving approximately $3.5 billion. Read the Mayor's policy memo.
The policy, which the Mayor forged in collaboration with employees, retirees, and other key stakeholders, represents a major reformation of the retirement boards and will help minimize investment losses that leave taxpayers on the hook. This fiscal year alone, an extra $38 million will have to be diverted from the city's General Fund to help cover recent investment shortfalls.
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Mayor Reed and Councilmembers Propose a New Package of Economic Incentives
 Mayor Reed and Councilmembers Sam Liccardo, Rose Herrera and Nancy Pyle have proposed a series of new incentives designed to attract businesses to San Jose and stimulate job creation. These incentives include a number of measures to encourage economic development, including waived fees for business licenses and parking.
"With the city's unemployment rate at 12.5 percent and the nation suffering from the worst recession since the Great Depression, we must act boldly to encourage investment in San Jose," said Mayor Reed. "Our proposal sends a strong message to them that San Jose wants you to locate here, stay here, and grow here. In return, we will work at the speed of business to help you." Read more about the incentives.
Learn more about Mayor Reed's 2010 economic development priorities and recommendations for updating the City's Economic Development Strategy.
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Federal Tax Credits Awarded to Local Clean-Tech Companies
 Further sustaining Silicon Valley's reputation as the global center of clean tech innovation, the federal government has announced that $260 million in Advanced Energy Manufacturing Tax Credits have been awarded to regional clean tech companies working to boost the local economy while promoting sustainability. "As I've said during recent trips to Washington D.C., this is exactly the type of investment that can put people back to work and kick-start our economy," said Mayor Reed. Among the local companies that received awards are Nanosolar, Stion, SunPower, CaliSolar, Miasole, Serious Materials, and Solaicx. More than $2.3 billion in credits were awarded nationwide. Read the announcement.
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| Budget Survey Highlights Community Budget Priorities
 Upon taking office in 2007, Mayor Reed initiated a Community Budget Survey to better engage the public during the start of the city's budget process. With this year's budget deficit expected to reach $100 million, the survey will be a critical tool to understanding the community's attitudes on city services and budget priorities. According to this year's survey respondents:
- When presented with three strategies for addressing the City's budget deficit, 41% of those surveyed recommended that the City reduce employee compensation rather than reducing City services (21%) or raising additional revenue (25%).
- When asked to divide city spending among five different goals, residents voted to allocate 25% toward a safe city, 23.8% for a prosperous city, 16.4% for a green sustainable city, 14.8% for an attractive and vibrant community, and 20.1% for a reliable and well-maintained infrastructure.
- Only one of the potential revenue-generating measures proposed - increasing the card room tax from 13% to 15% - was supported by a significant majority of respondents.
The results, along with feedback gathered during various community and stakeholder meetings, will aid the Mayor in developing his March Budget Message. View the entire survey report.
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Be Counted in the
2010 Census
Help us make sure that
every San Jose resident is
counted so that we receive
our fair share of federal
funding for important
programs and services.
Learn more
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Help Care for Trees in Your Neighborhood
You can help promote a safe and vibrant neighborhood by watching for signs of potential tree problems like:
- Mushrooms near tree roots
- Irregular tree shape/structure
- Decaying, diseased or dying stems or branches
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Missed Last Month's Crime and Gang Prevention Summit?
Visit our Public Safety
webpage to view resources
from the various event
workshops.
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A New Way to Learn during the Olympics
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City Launching
Recycle Plus Pilots
Learn about the City's new
pilot program to recycle
organic and yard waste
from San Jose
households.
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