News Column

United States : CITY COUNCIL approves $36.9 million budget

June 22, 2014

On 18 June 2014, Los Banos City Council approved unanimously a not wealthy, but healthy budget for the 2014-15 financial year.

The council said, the $36.9 million budget reflects a transition between current fiscal optimism and realities for the future.

The city projected general fund expenditures of almost $10.8 million, maintaining $6.7 million in reserves. According to City Finance Director Sonya Williams, this is $560,000 increase from the 2013-14 expenditures.

The city projected revenues of around $10.6 million, resulting in an operating deficit of almost $194,000.

According to the budget report, factors that contributed to the deficit, include an increase in health insurance premiums, employees compensation insurance and property insurance. Benefits and salaries are predicted to grow 10%, restoring some of the losses labor groups experienced four years ago.

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Source: TendersInfo (India)

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