A financial forecast for fiscal year 1982-83 predicts a negative balance of $1.9 million for the city of Arcadia. This projection assumes no change in the level of services or programs.
Inflation and the energy shortage are causing the city management grave concern about meeting the budget. City Manager Lyman Cozad expects a $120,500 increase in sales tax from Fashion Park for the 1974-75 fiscal year. He also expects an $84,000 rise in property taxes.
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.
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.
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.