City Tackling Budget Challenges
City Manager Schedules Public Workshop, Provides Budget Update
Due to declining funding that has seen the City of Moreno Valley’s General Fund revenues shrink by 30% over the last three years, the City is projecting a $14 million budget deficit for the 2011-12 Fiscal Year. Even after cutting $14 million in General Fund expenditures since 2008, the City’s projected ongoing expenditure budget of approximately $84 million for the next Fiscal Year falls far short of revenues which are expected to come in at $70 million. In order to solve this structural deficit in the General Fund, the City is developing a 3-Year Deficit Elimination Plan. The proposed plan is a combination of significant budget cuts combined with the strategic use of reserves in each of the next 3 years.
A workshop to present the public with information on the City’s budget situation and the proposed Deficit Elimination Plan is scheduled for the following:
Wednesday, March 23,
City Council Chamber 14177 Frederick Street
City Manager Henry Garcia will be providing periodic budget updates to the public as the City Council and staff progress through the deficit elimination process. The first budget message is attached and can also be found posted on the City’s web site at www.moval.org. The draft 3-Year Deficit Elimination Plan is also posted on the web site. A special Study Session for the City Council to discuss the Deficit Elimination Plan is scheduled for March 29.
For further information on the City’s Deficit Elimination Plan, contact the Financial and Administrative Services Department at 413.3021.
# # #