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City Council Approves FY 2012-13 Budget
The City Council adopted the FY 2012-13 budget in June. The slow economic recovery continues to impact the City’s revenues. Although there has been growth in Property Tax, Transient Occupancy Tax and Utility Users Tax revenues, Sales Tax continues to lag. Sales Tax is the second largest single General Operating Fund (GOF) revenue source. In addition, there were State actions related to the dissolution of redevelopment agencies that reduced revenues and increased expenditures for the City.
The GOF funds the core services provided by the City and this revenue source has been affected the most by economic conditions. A preliminary operating deficit of $1.1 million was forecast in the Narrative Budget Report for Fiscal Year 2012-13 and presented to the City Council on April 10, 2012. For Fiscal Year 2012-13, the projected growth in revenues of $1.7 million would have been insufficient to fund the increase in expenditures of $2.5 million without corrective action.
This projection was updated with the Proposed Budget on June 5, 2012 to $756,000 primarily based on final health benefits rates that were received in late April. The deficit was eliminated using a combination of operational efficiencies, expenditure reductions, supplemental revenues and structural changes reached in new labor agreements that will result in long-term cost containment. The structural changes in employee compensation will help ensure the long-term financial stability of the City.