Despite some bright economic news, Monrovia calculates that it will have $137,536 less money to work with this fiscal year, according to a report to the City Council by Mark Alvarado, Director of Administrative Services.
The good news: In the first five months of the 2011-12 fiscal year there has been an increase in sales and property taxes, and city staff expects this to continue. "Revenue from auto sales and leasing are strong again," Alvarado writes, "after two years of huge decreases. Building and construction activity is still flat, as the housing market muddles through more foreclosures and high unemployment."
Earlier, the city projected a 5 percent increase in sales tax. Now it's thinking it'll be 8 percent.
Also, property tax revenue is up about 4 percent from last year, but - and here's the main problem - last year the city expected more revenue but got less, so it is behind by $289,147.
And the other negative is the state. In an attempt to balance its own budget, the state is not passing through $110,000 in motor vehicle license fees the city usually gets.
Lots more details here: http://goo.gl/tuHZY
- Brad Haugaard
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