West Covina : Tax Loss Won’t Affect Budget
The city’s loss of $542,000 in property taxes from the state will not affect its current operating budget of $48.5 million, according to a staff report.
The report, submitted to the City Council on Tuesday by City Manager Jim Starbird, said a surge in property and sales tax revenues put an additional $633,000 in the city coffers. After the state takes its cut, the city will have a $92,000 surplus.
However, the staff is still evaluating how to replace the $737,000 in redevelopment funds the state cut. The city’s redevelopment budget is $7.8 million.
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