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Oroville committee hears fiscal update: sales-tax dip leaves fund nearly $800,000 short
Summary
City staff reported a sales-tax revenue downturn that produced a roughly $800,000 deficit for the prior year, an ending fund balance near $3.5 million and a first-quarter outlook showing budgeted spending that exceeds projected revenue for the coming year.
At a local committee meeting in Oroville, staff presented year-end and first-quarter budget reports showing a sales-tax revenue decline and a resulting near-$800,000 deficit for the fund under review. Speaker 6, the meeting presenter, said the city collected $6.8 million in sales tax last year, below the $7.1 million budgeted, and reported roughly $7.6 million in expenditures for the same period.
The deficit and fund balance figures framed the discussion. "So overall, we took in $6,800,000 last year, and we we spent roughly 7,600,000," Speaker 6 said, adding, "So we had a net, deficit of…
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