Arcadia's proposed budget for fiscal year 2018-2019 has structural deficit of nearly $3.1 million. City Manager Dominic Lazzaretto says Arcadia is at a fiscal crossroads. See hard copy in VF Budget.
"State of the City" address was given by City Manager Dominic Lazzaretto at an event hosted by Arcadia Chamber of Commerce. Due mainly to solid property, utility and sales tax revenue, Arcadia has remained fiscally sound despite a sluggish state and national economy. Overall in 2014, the city received $56.9 million in revenue and spent $54.7 million.
Arcadia plans for the future. Arcadia City Manager Dominic Lazzaretto presented the City's Fiscal Year 2018-2019 budget. Fiscal year 2018-2019 budget maintains existing levels of public services, but the City can no longer guarantee that services will remain at current levels over the long term. Due to recent changes in state law and other fiscal constraints, the City's proposed budget has a structural deficit of nearly $13.1 million in expenditures in excess of revenues.
Reserve funds that were set aside for city infrastructure improvements may have to be used to deal with state budget cuts, as proposed by city manager Bill Kelly.
The Arcadia city budget of $35.8 million for the 2003-2004 fiscal year was unveiled and will be the subject of a public hearing June 14. City Manager Bill Kelly called the spending program "flat line," with only 1.5 new city jobs in the coming year. Kelly said Arcadia is protected from possible cuts to meet state budget uncertainties because of $6 million in reserves, which were earmarked but never spent in a previous budget. The city is safe for at least the next two budget years.
City Manager Bill Kelly presented a "flat line budget" to the city council. Kelly said current uncertainties in state funding will not be resolved until after the election. The city will revisit the budget at midyear.
City contemplates approval of Phase Two of Arcadia Public Library's Strategic Plan. The Strategic Plan outlined the current budget, proposed budgetary increases, and proposed plans for improvement of the library's facilities and staffing needs.
The Arcadia Board of Education has adopted a $63.9 million General Fund budget for the coming year. The budget contains reductions across the board, with 10% cuts at schools, a reduction in categorical programs and no cost of living increase from the state.
City of Arcadia faces new budget year with caution, even though there is a surplus. Arcadia is projecting a budget of $29.96 million, down from $30.5 million the year before.
Arcadia City Manager Bill Kelly is skeptical about the way the State of California balanced this year's budget. The State promises to pay cities back for sales tax to be used to pay off $10.7 billion in loans. The maneuver, known as the "triple flip" will take half of the cities' sales tax revenue for the next five years, and pay it back out of property taxes now earmarked for schools. Arcadia will lose 25% of its vehicle license fee reimbursement, around $750,000. Arcadia is in good shape this year and next, primarily because of a healthy reserve fund. After 2004-2005, unless some solutions are in place, the city could face some hard times.
The City of Arcadia faces mid-year budget cuts as the state has its own budget problems. Arcadia will have to sustain a $2.9 million cut this year, a loss of funds that comes from vehicle license fees.
Arcadia City Council approves $55.7 million General Fund budget for fiscal year 2015-2016. Officials anticipate revenue totaling $59.7 million, enabling $4.5 million in funds transfers toward road and park improvements, staff equipment upgrades, a boost to the general liability and workers' compensation fund, establishing a reserve fund for building a new City Hall and nearly $500,000 in new programs and employees.