Hermosa Beach : Budget Surplus on Agenda
The City Council is expected to allocate the city’s unexpected $818,000 surplus during a special meeting at 7:30 p.m. March 2 as part of its midyear budget review.
Council members were surprised to learn in January that the city ended the previous fiscal year with a surplus nearly 75 times larger than expected. The City Council was to allocate that money at its Jan. 27 meeting, but because of a lengthy, unrelated public hearing, it did not discuss the surplus.
City Manager Gregory T. Meyer has recommended that about $700,000 be used to pay off loans and rebuild the city’s asset-replacement and reserve accounts.
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