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Debora Thomsen
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Subject: LAKE ELSINORE Council to discuss budget North County Times - Californian
Last modified Wednesday, May 20, 2009 6:04 PM PDT
LAKE ELSINORE: Council to discuss budget
By The Californian
LAKE ELSINORE - - -- The city is facing a $3 million hole in its operating budget for the
upcoming fiscal year, a situation the City Council is scheduled to address at a special meeting
Thursday.
The meeting is expected to start at 5 p.m. in the Cultural Center, 183 N. Main St.
The projected shortfall for the year starting July 1 stems from an estimated $4.2 million
reduction in revenues, mainly resulting from decreased sales and property taxes, according to
a report released late Wednesday afternoon. City officials have already identified $1.2 million
in cuts, the report states.
However, to close the gap, the city will have to take other measures including layoffs, salary
cuts and the use of reserve funds, officials said.
Without adjustments, the general fund would receive $25.7 million in revenues for 2009 -10
while spending $28.7 million. Financial officials anticipate ending this year on June 30 having
both received and spent $30 million.
5/21/2009
I G 1 TI7 01j'lt rY T1
THE CALIFORNIAN
Last modified Wednesday, May 20, 2009 6:04 PM PDT
LAKE ELSINORE: Council to discuss budget
By The Californian
LAKE ELSINORE - - -- The city is facing a $3 million hole in its operating budget for the
upcoming fiscal year, a situation the City Council is scheduled to address at a special meeting
Thursday.
The meeting is expected to start at 5 p.m. in the Cultural Center, 183 N. Main St.
The projected shortfall for the year starting July 1 stems from an estimated $4.2 million
reduction in revenues, mainly resulting from decreased sales and property taxes, according to
a report released late Wednesday afternoon. City officials have already identified $1.2 million
in cuts, the report states.
However, to close the gap, the city will have to take other measures including layoffs, salary
cuts and the use of reserve funds, officials said.
Without adjustments, the general fund would receive $25.7 million in revenues for 2009 -10
while spending $28.7 million. Financial officials anticipate ending this year on June 30 having
both received and spent $30 million.
5/21/2009