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San Bernardino council receives mid-year budget update, schedules April budget workshop and May/June hearings
Summary
Interim city finance staff presented a mid-year financial update showing revenue declines and recommended a conservative approach. Council agreed to schedule a budget workshop for April 23 and preliminary budget presentations for May 7 and June 4 and discussed maintaining a 25% reserve policy.
Interim City Manager Mauricio Gallardo and finance staff presented the city's mid-year financial review to the San Bernardino City Council and proposed a calendar for the upcoming budget cycle.
Staff told the council the city expects a roughly $14 million reduction in revenues compared with the adopted budget and an approximately $13.2 million reduction in expenditures from the adopted plan. Presentation slides shown to the council put projected fiscal-year revenues near $236 million and projected expenditures near $222million in the current projection; staff said projected year-end balances will be monitored and updated as…
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