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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of January 21, 1992 <br />TO WMayoru <br />FROM �//City Manager <br />4' ckvedo, Finance Director <br />DATE January 13, 1992 <br />RE Resolution Of Current Deficit <br />ISSUE <br />The current general fund has a $2.5 million operating <br />shortfall. This deficit in the General Fund was filled with loans <br />from the Sewer Development Fund. These loans must be paid back and <br />the structural deficit that is built into the budget must be <br />eliminated. <br />OAK!:i <br />The City of Colton has a very serious budget problem that must <br />be resolved. Action must be taken now to address the budget <br />shortfall in the current year. Realistic budget guidelines and <br />changes to fiscal policies must be adopted to take into account our <br />current economic situation. If the Council adopts the <br />recommendations in this report, the City will be able to pay back <br />the $2.5 million loan that was made to the General Fund from the <br />Sewer Development Fund thereby eliminating the current operating <br />deficit. We will also make significant progress at eliminating the <br />structural deficit that is built into the budget. <br />-40 <br />