Daily Business Report — April 12, 2012
40 Under 40 Nominations Open
Nominations are now open for SD METRO’s annual 40 Under 40 Awards recognition program. Nominate a man or woman you think has made outstanding contributions to his or her profession, industry or to San Diego County as a whole. We will announce the winners in September. Either fill out the nomination form at sandiegometro.com or send your nomination to email@example.com. Better get crackin’! The deadline is May 31.
Mayor Says Budget Proposal Has No Deficit
City News Service — Mayor Jerry Sanders on Wednesday unveiled a proposed $2.7 billion budget for San Diego’s next fiscal year that includes a $1.1 billion general fund and, for the first time in years, no deficit. “It is because of the savings from our reforms, along with the slow but steady improvement in our economy, that I am able to present to the people of San Diego today a structurally balanced budget that for the first time in decades anticipates authentic and substantial surpluses,” Sanders said. The budget includes more funding for libraries, recreation center hours and more police officers. It also proposes an academy for prospective firefighters. The spending plan was immediately criticized by Councilman Carl DeMaio, who said the city will actually have a $50 million deficit. DeMaio, a candidate to succeed Sanders as mayor, said the plan to spend $54 million on infrastructure projects is $29 million short of what is needed. Changes to redevelopment could cost as much as $14.6 million; overtime payments could amount to between $5 million and $10 million, he said. Three other council members — Kevin Faulconer, Todd Gloria and Tony Young — appeared at the mayor’s news conference to support the budget proposal. Another mayoral candidate, independent Assemblyman Nathan Fletcher, went after DeMaio, suggesting that the councilman was seeking “a perpetual state of crisis.”
Rudy Giuliani to Keynote Solutions for Change Benefit
Former New York City Mayor Rudy Giuliani will keynote the Sept. 22 annual benefit gala of Solutions for Change, the Vista-based nonprofit organization that assists the homeless. The benefit will be held at La Costa Resort and Spa in Carlsbad. Last year’s benefit, featuring former Secretary of State Condoleeza Rice, raised $1.3 million in auction and sponsorship support and attracted more than 550 attendees. The organization announced at a Leadership Breakfast that it responded to nearly 1,400 requests for information and assistance in 2011. It said that more than 350 adults and children were enrolled in the Solutions University programs, which offer a 1,000-day path to sustainable independence. An estimated $1.9 million in taxpayer funds was saved in 2011 by moving families from subsidized food, shelter and cash benefit programs to holding jobs and themselves being taxpayers, according to the organization. “We did a lot in 2011, and we intend to do even more in 2012,” said Chris Megison, president and executive director of Solutions for Change.
San Diego Trust Bank Reports 30th Consecutive Quarterly Profit
San Diego Trust Bank reported today that it enjoyed a record 30th consecutive quarterly profit for the recently completed quarter. Net Income totaled $484,000 compared to $302,000 for the same period last year, representing a 60 percent increase in earnings. The bank said its earnings were 100 percent “core earnings” and did not include any release of loan loss reserves back into income. The bank said it is the only community bank in San Diego County to post a profit each and every quarter for the past 7 ½ years. Total Assets reached $218.4 million as of March 31, 2012, compared to $202.2 for the same period of last year, representing an 8 percent increase. Total deposits increased 6 percent from a year ago and stood at $173.5 million as of March 31, compared to $163.6 million for the same period of last year.
Westcore Properties Relocates Headquarters
Westcore Properties, a private international real estate investment firm, has relocated and expanded its corporate headquarters in San Diego. Westcore’s move to state-of-the-art, 14,000-square-foot offices at 4435 Eastgate Mall represents a substantial increase in size from the 9,000-square-foot offices it has occupied in a neighboring building. The new space will initially house 41 employees. The headquarters relocation coincides with its opening of a new regional office in Orange County. The firm also has offices in San Francisco, Denver and in Europe. David Marino of Hughes Marino represented Westcore Properties in the five-year lease obtained on the new headquarters space. The landlord is Sunroad Enterprises.
CEO to Address NAWBO
Michelle Bergquist, an award-winning CEO and consultant, will be the guest speaker at the April 18 program sponsored by the National Association of Women Business Owners (NAWBO). Her talk will be on “How to Build Million Dollar Referral Partners & Strategic Alliances.” The program will be from 11:30 a.m. to 1:30 p.m. at the Sheraton La Jolla, 3299 Holiday Court, La Jolla.
Ad Club Hosts Interactive Day San Diego on June 15
The San Diego Ad Club is bringing industry thought leaders to San Diego for Interactive Day San Diego on June 15, a program that will cover social media, online marketing strategies, email marketing and mobile applications. Presenters will include representatives from Amazon, comScore, Living Social, Pandora, RG/A, SEOmoz, Starz Entertainment, Google, Twitter and others. Held at the Hilton San Diego Bayfront in Downtown San Diego, the event runs from 8 a.m. to 6 p.m. and includes more than 16 seminars. Early adopter tickets start at $199 until May 18. For more information, call (619) 255-2281.
Hotel Indigo San Diego Del Mar Grand Opening
Hotel Indigo, InterContinental Hotels Group, announced the grand openingof the 94-room Hotel Indigo San Diego Del Mar following a multimillion-dollar renovation and rebranding. Located at 710 Camino Del Mar, the property has a full-service day spa, two pools, hot tub, sauna and bistro-style restaurant with a full bar, among other amenities. The Hotel Indigo San Diego Del Mar was the site of the original Stratford Inn, built in 1910. Pacifica Host Hotels owns and manages the Hotel Indigo San Diego Del Mar, under a license agreement with a company in the InterContinental Hotels Group.
PERSONNEL MOVES ____________________________________
San Diego — Richard H. Scheurmann has joined the J. Craig Venter Institute as the director of informatics, effective on May 1. He will be based in San Diego and be responsible for leading the informatics program at both the JCVI Rockville, Md. and San Diego campuses. Scheuermann comes to the institute from the University of Texas Southwestern Medical Center in Dallas, where he worked from 1992 to 2012. He began his career there as an assistant professor and was steadily promoted to his last position of professor in the Department of Pathology.
SCORE Small Business Workshops
• April 13 – Internet Marketing 303 – Social Media for Small Businesses – 9 a.m. to noon at National University – Kearny Mesa (9388 Lightwave Ave., San Diego 92123; pre-paid registration $49, $59 at the door).
• April 14 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at National University – Carlsbad (705 Palomar Airport Rd., Carlsbad 92011; pre-paid registration $79, $89 at the door).
The Daily Business Report is produced by SD METRO. Contact: Manny Cruz (619) 287-1865. firstname.lastname@example.org.