Council OKs plan to take $7.1 million
Liset Marquez, Staff Writer
Created: 06/26/2011 10:26:47 PM PDT
ONTARIO – For the third straight year, with city officials expecting little or no growth in revenues, the City Council has agreed to dip into its reserves.
City officials project they will need $7.1 million in the next fiscal year to cover a deficit in the $378 million operating budget.
Council members approved the city’s operating budget for the 2011-12 fiscal year at a special meeting last week.
City Manager Chris Hughes said officials will not know exactly how much of the reserves it will use until the end of the next fiscal year on June 30, 2012.
“It’s a status budget, which is consistent with our five-year budget, and until we close the books on this year, we won’t know,” Hughes said.
Officials are still waiting for final financial figures to be reported for the 2010-11 fiscal year.
Hughes said he expects to have those numbers in a couple of months. Once that is determined, Ontario will know how much is left in its reserves fund, he said.
The city will be able to continue to fund infrastructure improvements by tapping its reserves, he said.
Next year, officials have set aside $15 million for improvements, of which $10 million will be for street projects.
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