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El Segundo lowers sales‑tax forecast, approves midyear adjustments amid revenue shifts
Summary
City Treasurer Chung told the council staff recommends a conservative $2 million reduction in sales‑tax revenue tied to a local business closure; council approved midyear adjustments and minor position reclassifications 4‑1.
El Segundo’s City Treasurer and CFO Chung told the City Council on Feb. 17 that staff recommends reducing the city’s sales‑tax revenue estimate by $2 million for planning purposes after the closure of a local office for InsightDirectUSA.
Chung summarized year‑to‑date financials: general fund revenues recognized were about $29.5 million (roughly 28% of the budget) and general fund…
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