Politics & Government
City Council Getting Good News on the Budget
The mid-year budget report shows promising income trends and some unexpected bills.
The city council will officially get some good news at a special meeting this week when they will receive a mid-year budget report showing better than expected revenues.
The $346,000 increase is primarily due to the Measure O which added $246,000. Other sources of improved revenue are a $50,000 increase in property tax revenue and a $32,000 bump in transient occupancy tax.
On the expenditure side, personnel costs are about $125,000 less than budgeted but most of that saving was eaten up by attorney fees stemming from the Noble Gulch pipe failure. “That’s the cost of going to court against a multinational corporation,” said City Manager Jamie Goldstein.
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City staff is recommending that the council use $200,000 of the new revenue to begin rebuilding the city’s reserve.
After receiving the mid-year budget report the council will discuss the principles that will guide the formation of the 2013-2014 municipal budget.
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The special meeting of the city council is scheduled to begin at 6 p.m. tonight, February 21 in the Capitola City Hall, 420 Capitola Avenue.
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