Arcadia : $48.7-Million Budget Passed
The City Council last week unanimously adopted a $48.7-million budget with no new expenditures for the fiscal year 1992-93.
In spite of minor cuts, such as a $56,000 reduction in the city’s supplies and contracts, the new budget grew 2% due to inflation from the $47.7 million budgeted last year.
Although revenues will increase slightly, Gerald A. Parker, assistant finance director, said the sluggish economy will cause declines in several categories of revenue. Among them are sales and cigarette taxes. Also, the transient occupancy tax will drop with the closure of Motel 6, which was damaged in last year’s Sierra Madre earthquake.
“We wanted a hold-the-line budget, rather than an expanded one,” Parker said. “The recession is definitely not over.”
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