Cerritos : $74.6-Million Budget Is Up $8.6 Million Over Last Year
The new fiscal budget in Cerritos is $8.6 million higher than last year’s. Nevertheless, the city’s approximately $20-million surplus is still intact and, overall, spending is still on a downward trend.
This year’s budget totals $74.6 million, in contrast to last year’s $66 million. The Redevelopment Agency’s share this year is $42.2 million, compared to $35.8 million last year.
In 1988-89, however, the city budget was about $90 million because the Redevelopment Agency was knee-deep in capital projects. Most of those are now complete. The biggest exception is the Community Arts Center, which is expected to cost $46.4 million by the time it is completed next year in the Cerritos Towne Center.
When the council first authorized construction of the arts center three years ago, cost estimates were around $18 million. Since then, however, extensive architectural revisions have been made in order to allow the center to be used by community groups for meetings and other events.
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