Pacifica Tribune/Jane Northrop, Staff, 6/10/14. "Council moves closer to tough budget decisions."
".... The city will continue to meet its obligations and city services will continue to be provided." Laurie Tinfow, City Manager said.
Tinfow recommended bringing funds into balance on an installment plan with several possible revenue sources, including: 1. applying future annual revenues that can be transferred into a deficit fund. 2. assigning a portion of the general fund balance revenue toward the amount. 3. using one time revenues such as the sale of the Beach Boulevad property and 4. directing excess ERAF toward deficits.
.... Tinfow plans to engage an outside financial expert to provide a second opinion about city finances. The budget is expected to be finalized at the next city council meeting June 23." Read Article.
Posted by Kathy Meeh
6 comments:
Who's counting?
$1,800,000 deficit in cap improv fund because we spent money on proj that were not fully-funded
$2,200,000 outstanding loan 2003
from Street Constr Fund to City
$308,000 accidentally sent to
state in 11/2012
$2,500,000 city loaned funds to RDA gone byebye
Palmetto Streetscape cannot be finished because there is no money
NGOs on chopping block. 2 of 4 survive. Funds found for Beach Coalition (3K) and PRC (83K). Nothing for Chamber and Library (85K total cut).
Under the installment plan cure Ms. Tinfow proposes, as she says, "some planned activities over the next few years will be, at best, delayed and at worst eliminated."
correction to 1259 the 1,800,000
s/b 1,008,000 certainly no need to
overstate the calamity
lipstick on a pig.
The original loan to the R.D.A. was $6 million. $3.5 million is a dead loss. The remaining $2.5 million that they are talking about will at best return 10 cents on the dollar.
352 You're so right. 1.8 mil or 1 million, it's a lot of money to just lose track of. And as Tom Clifford points out, our losses are actually at least 3.5 million higher--that we know of. Do we have anything to show for it? Not even a pig.
352 You're so right. 1.8 mil or 1 million, it's a lot of money to just lose track of. And as Tom Clifford points out, our losses are actually at least 3.5 million higher--that we know of. We didn't even get a pig out of the deal. Do you think council knows that's real money they're responsible for and it doesn't grow on trees?
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