Laguna plans budget workshop for Tuesday
The city’s economic outlook and a draft budget prepared by City Manager John Pietig will be reviewed by the council and open to public comment at a 3 p.m. workshop Tuesday at City Council chambers, 505 Forest Ave.
“Laguna is experiencing some economic recovery,” Pietig wrote in his conservative summation of the city’s economy for fiscal year 2011-12 and projections for 2012-13.
Pietig cautioned that the projected percentage of increases in sales, bed and property tax revenue for the current fiscal year are not expected to continue. However, Laguna is keeping its head above the choppy financial waters thanks to reductions in spending over the past few years and the improving revenues from taxes.
The proposed budget is balanced with revenue and net transfers to the General Fund totaling $47,133,000 and expenditures of $47,062,000. Revenue for the beginning of the 2012-13 fiscal year, including dedicated funds, is estimated at $7.7 million, with estimated expenditures of $7.1 million.
Property taxes are the city’s major source of income, accounting for 55% of the revenue in the General Fund.
–Barbara Diamond, Coastline Pilot
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