City Revenue Meeting In Lake Elsinore
Written by admin on March 9, 2010
Eroding revenue continues to eat away at Lake Elsinore’s budget, according to a report scheduled for the City Council’s review Tuesday.
The regular meeting starts at 7 p.m., preceded by a study session at 4 p.m., in the Cultural Center, 183 N. Main St.
The midyear budget review by the city’s finance director indicates both sales and property tax revenues are still declining.
As a result, the city expects to reap nearly $1 million less in those revenues than originally projected in the budget for the year ending June 30. Taking other adjustments into account the city would be about $1.14 million short by the fiscal year’s end, winding up with an estimated $6.3 million in sales tax revenue and $4.9 million in property tax revenue. Overall, the city would end the year having received $21.8 million in general fund revenue, while spending $24.1 million.
On the bright side, the city spent just $117,660 of a $1.02 million allocation from its supplemental reserve fund to cover a shortfall in last year’s budget, the report states. The city’s finance director recommends using that unspent amount to cover the anticipated deficit, along with another $245,160 drawn from the supplemental reserve and other measures such as reduced spending by some departments.
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