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Lompoc grapples with sinking solid‑waste finances; council orders internal funding plan
Summary
A consultant told Lompoc council the solid‑waste enterprise had negative cash balances and operating overruns. Council directed staff to develop an internal funding plan (interfund loan + restricted funds) as an alternative to higher‑cost external refinancing and to return with repayment terms.
A consultant presentation on Feb. 3 described a worsening financial picture for Lompoc’s solid‑waste utility and prompted council to direct staff to develop a city‑internal financing plan instead of an external lease/leaseback refinancing.
The consultant told the council the enterprise had negative cash balances in recent fiscal years, recorded operating expenditures higher than projected and saw a landfill stormwater project escalate roughly $1.7 million above the prior estimate. "The current condition of the solid waste fund is not good. It has negative…
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