March 07, 2010 12:00 PM
APPLE VALLEY • For the second year in a row, the town will keep a balanced budget by dipping slightly into its reserves and using that safety net to heavily subsidize its Park and Recreation Department and Apple Valley Golf Course.
Cash reserves in the general fund will be down 30 percent by June from where they were two years ago, according to a mid-year budget report prepared for Tuesday’s workshop, dropping from $15.4 million to a projected $10.8 million.
However the town will still be holding nearly 65 percent of its general fund operating budget in reserves, the data from interim Finance Director Kevin Smith shows, outpacing its Victor Valley neighbors by a long-shot.
Community development fees are nearly 57 percent lower than anticipated last June, sales tax is down 20 percent and property taxes are down 18 percent, the staff report shows.
For the full story along with other items of interest on the agenda, read Monday’s Daily Press. To subscribe to the Daily Press in print or online, call (760) 241-7755 or click here.
The mid-year budget review, also used to help guide development of the next fiscal year’s budget, will start at 4 p.m. Tuesday in Town Hall, at 14955 Dale Evans Parkway.
Brooke Edwards may be reached at (760) 955-5358 or at bedwards@VVDailyPress.com.