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Redondo Beach finance commission urges quarterly revenue updates, agrees to add budget and CIP items to next agenda
Summary
Commissioners pressed for more frequent revenue tracking and agreed to place a quarterly-report requirement and capital improvement project review on the next meeting agenda after public commenters and one commissioner raised concerns about use of pension reserves to balance the city budget.
The Redondo Beach Budget and Finance Commission voted to add quarterly revenue updates and a review of planned capital improvement projects to its next meeting agenda after commissioners and members of the public raised concerns about the city’s use of CalPERS reserve funds to balance the current budget.
Commissioner Jesse led the discussion about budget gaps and reserves, saying the use of pension reserves to balance the budget was “1 of the most irresponsible things that we can do.” Finance Director Stephanie explained the council had approved a one-time use of the city’s CalPERS reserve to bridge a near-term shortfall and described the year as “somewhat of a bridge year.”
Why it matters: Commissioners said more timely financial detail…
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