The Irvine City Council continues to grapple with a looming budget deficit. At recent meetings making decisions on even small cuts has proven to be a long and arduous process, raising the question, how will the really tough decisions be found in the future?
Tag: Finance
Posted inEconomy
Heading Off a Fiscal Cliff: How Are OC Cities Planning For Budget Shortfalls?
Officials in a host of OC cities are struggling to balance municipal budgets as sales revenue decreases and COVID federal bailout money dries up. How will they stay afloat?
Posted inGovernment
Anaheim Among Cities Identified as High Risk for Financial Issues in New State Report
The concerns come after the city lost an estimated $38 million in tax revenue due to the pandemic, while other local cities showed a net gain in tax revenue over that time.
Posted inIrvine
Irvine City Council Changes Budget Policies Following Mailer Spending Controversy
Council members will now have individualized budgets of $100,000 apiece, instead of one collective fund following public concerns over transparency in the election.
Posted inFullerton
City of Fullerton Faces Tough Financial Future Even With Potential New Taxes
According to city staff, if an upcoming tax increase on the November ballot is denied by voters the city could run out of its savings by 2025.
Posted inNEWS
Westminster Faces $17 Million Future Deficit, Faces Potential Heavy Cuts to Police, Parks, Preservation
Without an extension of a voter-approved sales tax increase, Westminster officials say there’s a $17 million budget deficit on the horizon — one they can only sate with an equal amount in spending cuts.
Posted inEconomy
OC Cities Debate Financial Response To Coronavirus Sales, Hotel Tax Losses
As cities begin to evaluate the loss in tax revenue due to coronavirus, different measures are being put in place to reduce spending and adjust upcoming budgets.
