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<br />30 <br />For Fiscal Year 2014–15, the City’s General Fund had a net increase of <br />revenues of approximately $7.2 million above the same year’s final budget, projected <br />revenues, largely attributed to the increase in property and other tax revenues. Current <br />General Fund revenues grew 8.0% compared to the previous year. Actual revenues <br />total $91.7 million, an increase of 8.6% from the final budget. The increase in property <br />and other taxes, which included sales taxes, positively impact the City’s General Fund <br />revenues. The $3.9 million in decreased expenditures from the adjusted budget was <br />caused by various factors that included vacant positions and grants that were not fully <br />expended in Fiscal Year 2014–15. <br /> <br />Like most cities in the State, the City continues to face an uncertain local <br />economy. City finances and the community services that depend on those resources <br />have been strained by the recent recession and, most recently and significantly, the <br />State’s dissolution of the Redevelopment Agency, wherein City’s net assets decreased <br />by $3.5 million. As a result, the City saw steep reductions in programs and services over <br />the past three years. Since then, the City has been able to approve budgets with no <br />further reductions in program or services, in addition to presenting budgets balanced <br />between revenues and expenditures. <br /> <br />Fiscal Years 2015–16 and 2016–17. <br /> <br />The 2015–16 and 2016–17 City budget continues to focus on essential services <br />and maintaining a strong commitment to local neighborhoods. In 2015–16 and 2016–17, <br />the General Fund expenditures total $93.5 million and $95.2 million. The City is prepared <br />to finance these anticipated expenditures with expected revenues in the amount of $95.2 <br />million and $95.5 million for Fiscal Years 2015–16 and 2016–17, respectively. The City <br />continues to actively monitor expenditures and revenues so that adjustments can be <br />made to keep its expenditures balanced against its revenues. The City may need to <br />undertake further structural cost reductions in order to maintain a balanced budget in the <br />future. <br /> <br />