Covina : City Unveils Budget Plan
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City officials may have to dip into reserves to offset a projected $1.4 million revenue deficit and balance the 1992-93 fiscal year budget.
City staff last Tuesday presented the council with a preview of the preliminary budget with a proposal to tap into the city’s $14.5 million reserve fund.
Finance Director Stan McCartney said the deficit was caused by the sluggish economy and decreases in sales tax revenue, state funding, and property transfer taxes.
Last year, the city used $600,000 in reserves and cut 33 positions to balance a $2.2 million shortfall. McCartney, however, said there will be no layoffs this year.
The preliminary budget will propose hiring six additional employees for fire, police and environmental protection, he said.
The council will consider the recommendations when the preliminary budget is submitted at its May 19 meeting.
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