What is the extent of the City’s operating budget problem for fiscal year 2010/2011 and beyond?
The City is projecting a structural budget deficit that will average $4.5 million for the next five years. On top of this, it is anticipated the State of California will take at least $500,000 of the City’s annual gas tax receipts in order to balance its budget. In total, the deficit totals $5 million or 17% of the City’s annual operating budget.
