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City staff projects $12 million revenue uptick, outlines $344 million preliminary operating budget
Summary
City staff told the Newport Beach City Council on Jan. 31 that revenues for the coming fiscal year are projected to be $12,000,000 (3.5%) higher, driven largely by property-tax growth, while preliminary operating expenditures are expected to rise about $8,000,000. Staff presented a $344,000,000 starting operating budget and a multi-year pension payoff plan.
City finance officials on Jan. 31 told the City Council that the city's baseline fiscal picture for the next year shows modest growth but also pressures that will shape the budget process.
"Revenues are projected to be $12,000,000 higher, representing a 3.5% increase over the current year," Finance Director Jason Aleman said. He told the council more than half of that growth is expected from property taxes, with $7,000,000 of the increase tied to property tax and another…
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