SUISUN CITY — Council members will hear a midyear budget review at Tuesday’s meeting.
City staff anticipates an ending balance for fiscal year 2013-14 of a bit less than $2.56 million, almost $56,000 more than was anticipated when the budget was adopted in June 2013.
While the city has been cutting costs the past five years, a better economy has helped offset the increased cost of doing business, such as health care and utility costs, the report said. The city also maintains reserves.
Council members will also be reminded that the city has been operating and budgeting over the past several years under the assumption Walmart would be generating tax revenues as of July 1. Bids for construction could be awarded by the end of the month, the report said. The opening date has been pushed back to spring 2015.
The other risk is that the city’s emergency reserve could lose about $1.5 million if the city’s lawsuit to keep the cash is unsuccessful. The city is at odds with the state over redevelopment money.
The report projects the midyear budget will have:
The report notes that these additional costs were anticipated, for the most part, during the first-quarter fiscal review.
The council will meet in a closed session at 6 p.m. to confer with a property negotiator. The meeting follows at 7 p.m. Both are in the council chambers at 701 Civic Center Blvd.
The complete agenda can be found at www.suisun.com.
Reach Amy Maginnis-Honey at 427-6957 or [email protected]. Follow her on Twitter at www.twitter.com/amaginnisdr.