Metro
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Bragdon initiative: Establish fiscal responsibility
David’s financial reforms have led to five years of fiscally conservative and responsible budget management and made Metro one of only two governments in the state to achieve AAA ratings from both Moody’s Investors Service and Standard and Poor’s.
David's 2003-04 budget cut overhead costs and selectively trimmed programs for a savings of $2.2 million. The following year, cuts to non-core programs saved $1.2 million. At the same time, the 2004-2005 budget addressed important public investments in convention facilities and parks.
Budget reorganization
David's 2005-2006 budget undertook a major structural reorganization of the agency. Under David's leadership, the Metro Council empowered Chief Operating Officer Michael Jordan to consolidate a range of business service functions and initiate a hiring freeze and voluntary separation program to accelerate attrition and limit layoffs in critical service areas.
David's 2006-2007 and 2007-2008 budgets have continued his commitment to control overhead and focus on service delivery. A strategic programmatic performance budget initiative has focused the Metro Council's efforts on outcomes and results. This required fundamental changes to Metro's budgeting process to direct resources to strategic priorities, allow the Metro Council to more easily transcend department boundaries, and increase transparency and accountability.
Fiscal responsibility
In 2007, David's efforts to establish fiscal responsibility were recognized by the financial markets, as both Moody's Investors Service and Standard and Poor's awarded Metro a AAA bond rating. Metro is one of only two governments in Oregon to have received a AAA rating from both agencies. The payoff to taxpayers was almost immediate. In the summer of 2007 Metro was able to secure a higher sale price on its Natural Areas bonds and a lower interest rate, saving taxpayers an estimated $7 million.