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.
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.
At the Arcadia Chamber of Commerce's annual Power Planning Conference on January 24, City of Arcadia's City Manager, Dominic Lazzaretto, provided optimism to the local business community during this time of economic uncertainties. He said 25% of Arcadia's $48 million in annual revenue comes from local businesses--with nearly $10 million from sales taxes and another $2 million-plus from licenses and permits. The City has proposed a new business assistance program ombudsman to help entrepreneurs with the start-up process, is working with Chamber of Commerce to create a more interactive one-stop business checklist, and has not increased the cost of a business permit.
Many San Gabriel Valley cities are seeing an increase in property tax revenues in the 2009-2010 fiscal year, namely San Marino, Arcadia, Bradbury, Alhambra and South Pasadena. Arcadia's property tax revenue is expected to be $3,359,282.80 compared to $3,294,314.77 in 2008-2009. Other cities' figures are given. In the average city, property taxes make up 11% of the city budget.
Arcadia City Council votes to pass $22.6 million budget, largest in the city's history and approved the expenditure of $578,707 in revenue-sharing funds.
Arcadia City Budget elements explained for Chamber government affairs. Administrative Services Director Hue Quach says horse race revenue for capital improvements down millions per year.
A $9 million budget has been proposed for 1975-76. City manager Lyman Cozad feels that no tax increase will be necessary due to the higher valuation of city property.
A unanimous City Council adopted a "conservative" $42.5 million 1990-91 budget after fine-tuning some expenditures to the Chamber of Commerce and the workers' compensation program. The city has $33.8 million in reserves going into the 1990-91 fiscal year, and expects another $42.6 million in revenues.
City staff projects a $3.5 million deficit in the 2010-2011 fiscal year, due in large part to rising retirement costs. City Manager Bill Kelly told City Council that even with the Caruso mall, expansion at Westfield Shoppingtown and at Rusnak auto dealership, the city still faces a budget shortfall in about 5 years. He suggested a library assessment district as a potential revenue source.
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 Arcadia City Council approved a $48.7 million budget Tuesday without the significant reductions many other cities are facing due to a downturn in the economy.
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.
Arcadia would lose $1.2 million in revenue during the next two years under a California State budget plan proposed by Governnor Arnold Schwarzenegger. Also, a dog park at Eisenhower Park would open.
Nordstrom's due to open August 26 at the Santa Anita Fashion Park, will employ 300 to 400 people and provide the city with an estimated $500,000 in annual sales tax revenue.