El Monte : Budget Shortfalls Predicted
City Finance Director Marvin Louie has released a four-year fiscal projection of continued deficits and dwindling reserve funds, despite an expected increase in sales tax revenue.
The forecast, which City Administrator Gregory D. Korduner termed disconcerting, projects that the city’s reserve could be exhausted by the end of fiscal 1993-94. The reserve contained $7.8 million at the start of the current fiscal year last July.
Council members Patricia A. Wallach and Jack T. Crippen, who serve on a budget committee, said they would continue to seek further budget cuts to alter the projections.
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