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Tight budget to roll over to next year

Posted: July 29, 2009 10:21 p.m.
Updated: July 30, 2009 4:55 a.m.
 
Santa Clarita officials are still gearing up for a year of penny-pinching, despite the state's backpedaling on a proposal to take $3 million in gas tax revenue.

Trying to close its budget gap, the state plans to borrow $3.2 million in local property tax revenue and take nearly $1 million in redevelopment money.

The state will be required to repay the borrowed tax revenue with interest within three years.

"The fixes that the state came up with are not fixes at all," city spokeswoman Gail Ortiz said.

The state's decision means the city will need to dip into Santa Clarita's reserves.

"This is a lot," she said. "It would pretty much wipe out our rainy-day fund."

Several capital projects are on hold indefinitely as a result of the fiscal fiasco, Ortiz said.

No matter what, she said, Santa Clarita will continue to have a balanced budget.

"We always budget for the worst-case scenario," she said. "We never have a deficit."

The city's spending plan for the 2009/10 fiscal year is about $172 million, including a general fund of nearly $78 million.

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