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Laguna Beach adopts midyear budget changes; council shifts CIP funds to cover revenue shortfalls but keeps housing fund commitment
Summary
Laguna Beach council approved midyear budget adjustments March 11 to cover an estimated general‑fund shortfall caused by lower hotel and sales tax receipts, tapping capital fund balances and salary savings while preserving a previously promised housing‑fund deposit.
Laguna Beach city officials presented a midyear financial update March 11 that showed revenue shortfalls tied to lower hotel occupancy (transient occupancy tax) and reduced sales tax, alongside stronger than expected property‑tax receipts and investment income.
Finance staff recommended a package of technical adjustments and one‑time transfers to close an estimated general-fund shortfall. The package included returning inactive capital project funds to fund balance, recognizing one‑time increases in property and investment income, and appropriations to…
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