Westside : BUDGET SHORTFALL
For the first time in its short history, the city of Malibu will be in the red. Midyear budget projections show that the city will end fiscal year 1995-96 with an $80,000 deficit.
The Malibu City Council approved an $8.5-million midyear operating budget last week. The $80,000 shortfall will be covered with funds from the city’s $2-million-plus general fund reserve, a city official said.
The deficit “is not a real problem,” said Assistant City Manager Mark Lorimer. “We decided to do this because [maintaining] programs is important, and that is what the reserve fund is here for.”
Malibu is expected to pay about $840,000 in legal settlements this year, he said. A total of $800,000 will go to two companies that won lawsuits against Malibu’s mobile home park rent-control policy and $40,000 to cover individual suits.
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