Redondo Beach : City Finances Rated ‘Sound’
The city got a clean financial bill of health this week when City Manager Timothy Casey gave his mid-year budget report to the City Council.
Casey said the city is “moving on a straight course through very calm waters” and characterized its financial condition as “sound.”
Eight months into the 1985-86 fiscal year, general fund revenues are expected to exceed original estimates by $1.1 million--or about 4%, Casey said. But the additional revenue will be largely offset by unexpected expenditures for labor settlements and liability insurance, he said.
About $425,000 of the unbudgeted money came from increased franchise fees the city collects from Southern California Edison Co., Casey said. That was due to a 20% increase in natural gas purchases by Edison during 1985, he said.
Casey estimated that the city has about $1.3 million in the general fund that could be transferred to other accounts for capital improvements.
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