Ryan Hagen, Staff Writer
Posted: 04/22/2013 08:56:31 PM PDT
SAN BERNARDINO — The city passed a “survival budget” Monday evening that continues to defer millions of dollars it owes, with frequent and substantial changes expected later.
The budget projects spending $122.5 million in the fiscal year that ends June 30, 2012, and $117.2 million in the 2013-14 year, for a total reduction of about $16 million from the 2011-12 year. The city’s projected revenue for 2013-14 is $114.7 million.
More information and more cuts must follow, said consultant Michael Busch of Urban Futures, who prepared the budget.
“You might see adjustments every month or every couple of months,” Busch said. “… You’ll continue to refine this to the point where you can meet all of your obligations, and ultimately, that will be your plan of adjustment. ”
The plan of adjustment must be approved by U.S. Bankruptcy Court in Riverside as part of the city’s bankruptcy process.
Mayor Pat Morris termed the plan, which mostly adds detail to the prependency and pendency plans that the city adopted to govern its finances earlier, a “survival budget,”
“This budget of ours that leads us through the next 15, 16 months continues to defer critical obligations that must be acknowledged and paid off,” he said.
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