Hope for Monrovia Economy

In his weekly report, City Manager Scott Ochoa is relieved to report that ...

"[T]here is reason to be mildly optimistic. We have characterized FY 2010-11 as a 'recovery year' - although we defined 'recovery' as simply no more negative growth. I am pleased and relieved to report that the last two quarters' receipts - which help as indicators for the following four quarters - indicate that our sales tax revenues have bottomed out and we are seeing slight growth.

"With all eyes on the 4th quarter of 2010 (holiday shopping) as an important test of consumer confidence, I can tell you that our auto dealers are doing better than they were a year ago, and that Kohl's and Living Spaces are providing the bump that we anticipated. Some of our business sectors are still weak, but similar tax generators in different markets are reporting that they are returning to normal; thus, we are hopeful to have the same experience."

Source: http://goo.gl/qEKM

- Brad Haugaard