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Menlo Park staff warn of multi-year structural deficit; council to review fee, tax and project options
Summary
The city—s finance presentation said a reduced state vehicle-license-fee backfill and underfunded replacement funds create an $8 million average structural deficit; staff proposed updating fees, pursuing revenue measures and reprioritizing CIP projects to avoid reserve depletion.
Menlo Park—s Assistant Administrative Services Director Fenny Lai told the City Council on March 21 that the city faces "significant financial challenges that will require thoughtful consideration." Lai said the city—s long-standing vehicle license fee (VLF) revenue has been reduced and the state—s backfill via an ERAF swap has been cut, creating a major driver of the updated structural deficit.
Lai said the city projects a roughly $8 million average structural deficit if current assumptions hold and that the reduced state VLF backfill could produce an estimated $7,000,000 impact over the next five years; Menlo…
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