Upland seal

By Liset Marquez, Inland Valley Daily Bulletin
Posted: 06/01/15 – 8:21 PM PDT |

UPLAND >> The city could find itself in a deficit by 2017 — driven mainly by increasing pension costs — if it doesn’t take corrective action soon.

That was the sobering message Russ Branson, senior marketing consultant with Public Financial Management, told the city’s subcommittee on finance at Monday’s monthly meeting.

Branson provided the Finance and Economic Development Committee with a budget model that incorporates assumptions about Upland’s revenues and expenditures in the next five years.

“Based on reasonable assumptions, you will start going back into a negative. A deficit,” he said.

But the model, Branson said, provides a projection, not predictions of Upland’s budget model for the next five years.

By 2021, the city’s reserves could dwindle to just 3 percent of the operating budget or $1.6 million if changes are not made.

While Upland has recovered from the recession, Branson said there are still risks to the city’s budget.

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