LOS ALAMITOS : Surplus Anticipated in $6.4-Million Budget
Ending its fiscal year with a $1.8-million balance, the city this week approved a 1995-96 budget that anticipates another surplus.
The City Council approved a budget for 1995-96 that lists expenditures of $6.4 million and revenue of $6.8 million.
“The city will end the 1994-95 year in an acceptable condition,” City Manager Robert C. Dunek said. “Most importantly, the fiscal year is balanced for 1995-96.”
Dunek said at Monday’s meeting that, while the Orange County bankruptcy undoubtedly will affect the city’s finances, “the direct impact on the daily operations of the city was minimal.”
Mayor Charles E. Sylvia said the city was able to absorb losses from the collapse of the Orange County investment pool last year because it had no bond debts to repay.
Sales tax revenue has declined over the past year, Dunek said, but property tax revenue has risen 4.8%.
Nearly two-thirds of expenditures will be personnel costs, while 29% will go for maintenance and operation.
The amount allocated for capital improvements will increase 500% and make up 4.5% of total expenditures. About half of that will go for onetime purchases of equipment for the Police Department.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
