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.

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.

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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