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South Bay Digest

Local News in Brief : Treasurer Will Not Run

December 25, 1987

After 14 years as city treasurer of Gardena, George Kobayashi has announced that he will not seek reelection in 1988.

Kobayashi made the announcement to the City Council after delivering an oral report Tuesday on the city's finances. Mayor Donald L. Dear and Councilman Mas Fukai, who both praised Kobayashi's work, said they will try to persuade him to change his mind before the election filing deadline of Feb. 4.

In his report, Kobayashi said the city will earn a $1.2-million return on its investments in fiscal year 1987-1988, or about $75 per household. Gardena was $2.5 million in debt when Kobayashi first was elected in 1974, and now has a general fund balance of $1.4 million, he said.

An additional $12 million in the city's reserve fund is mostly committed for insurance, said City Manager Kenneth Landau.

Councilman Fukai said he had requested the report because some Gardena residents expressed concern over the city's finances in the wake of Lawndale's loss of $1.6 million in speculative investments.

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