Mission Viejo’s budget remains balanced and the City continues to maintain $26 million in reserves (49.1 percent of revenues) – despite a sluggish economy and several economic factors outside of the City’s control.
The City Council tonight will receive the City’s quarterly financial report and is expected to consider the City’s mid-year budget review in late March/early April.
The City’s operating budgets lay the financial groundwork for City operations in the coming year. While revenue estimates are projected to end the year $1.9 million under budget, City staffers identified sufficient cost savings to offset revenue declines and keep the General Fund budget balanced and reserves intact.
The City’s capital improvement program – a comprehensive schedule of capital improvements – also remains balanced at $39.1 million.
At quarter’s end, the City’s 35 capital improvement projects are within budget, with 11 of those projects relying mostly on outside grant or developer fee monies. The City is also seeking to obtain funding from the federal economic stimulus bill for “shovel-ready” projects that will help ease traffic and rehabilitate City streets.
More detailed budget information from the City’s Quarterly Financial Report is available on the City’s Web site at cityofmissionviejo.org. The City Council meets at 6 p.m. at City Hall, 200 Civic Center.
The full agenda is available on the City’s Web site.