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Costa Mesa council approves revised CIP deferrals, authorizes emergency exception to capital-asset rule
Summary
The council approved a substitute motion to defer $2.9 million in capital projects for fiscal year 2024–25 under an emergency exception to the city’s capital-asset needs ordinance, adopting alternative CIP deferrals recommended after Finance and Pension Advisory Committee review.
Costa Mesa — The City Council on May 6 approved a revised set of capital improvement program (CIP) deferrals and authorized an emergency exception to the city’s capital-asset needs (CAN) ordinance for fiscal year 2024–25, a move staff said is aimed at addressing an identified midyear general-fund shortfall.
Staff estimated a midyear revenue shortfall of about $3.6 million for FY 2024–25 and proposed a package of reductions including $2.9 million in capital deferrals. Finance Director Molina and CIP Director Sethuraman (staff presentation) told council that the city still has roughly 96 CIP projects funded at about $90…
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