Costa Mesa ends fiscal year with surplus

Costa Mesa ended the 2011-12 fiscal year with a $2.5-million budget surplus, city officials said Tuesday.

They cited increased revenue from sales and hotel taxes, as well as "disciplined spending," according to a news release. The fiscal year ended June 30.

"This is excellent news," city CEO Tom Hatch said in a prepared statement. "We work very hard to be good stewards of our taxpayers' dollars, and we are proud that we could deliver this surplus."

According to the 163-page independent audit — which available on the city's website, — the city received $95.7 million in revenue while spending $93.2 million. Compared to the last fiscal year, there were increases in both revenue and expenditures by 2.6% and 2.4%, respectively.

The projected surplus was $183,000, officials said.

— Bradley Zint

Twitter: @bradleyzint

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