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Sierra Madre projects $1.4M operating deficit; ad hoc revenue committee formed to recommend sustainable funding
Summary
Mayor Robert Parkhurst said the city faces a projected operating deficit of $1,400,000 this year and an ongoing shortfall of about $800,000 over the next four years, and has formed an ad hoc revenue committee chaired by Planning Commission Chair Tom Dennison with former treasurer Mike Amario to identify sustainable revenue options.
Mayor Robert Parkhurst told attendees that Sierra Madre is projected to run an operating deficit of about $1,400,000 this year and that the city faces an approximately $800,000 annual shortfall over the next four years unless new revenue sources are found. He said the city also faces capital deficits as aging municipal buildings and infrastructure require investment.
To address the fiscal outlook, Parkhurst said the city has created an ad hoc revenue committee that includes Planning Commission Chair Tom Dennison and former Treasurer Mike Amario. He said the committee will review options and provide guidance toward sustainable funding later in the year, but that the city will also solicit broader community input on which services residents prioritize.
Parkhurst emphasized the trade-offs inherent in budgeting and asked residents to provide feedback on what services they want the city to prioritize. He said the ad hoc committee will report back toward the end of the year and that council and staff will use that guidance in developing long-term financial stability plans.
