Redondo Beach : City Finances Rated ‘Sound’
- Share via
The city got a clean financial bill of health this week when City Manager Timothy Casey gave his mid-year budget report to the City Council.
Casey said the city is “moving on a straight course through very calm waters” and characterized its financial condition as “sound.”
Eight months into the 1985-86 fiscal year, general fund revenues are expected to exceed original estimates by $1.1 million--or about 4%, Casey said. But the additional revenue will be largely offset by unexpected expenditures for labor settlements and liability insurance, he said.
About $425,000 of the unbudgeted money came from increased franchise fees the city collects from Southern California Edison Co., Casey said. That was due to a 20% increase in natural gas purchases by Edison during 1985, he said.
Casey estimated that the city has about $1.3 million in the general fund that could be transferred to other accounts for capital improvements.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
