First published in the Dec. 11 print issue of the Burbank Leader.
Burbank’s municipal revenues, though still reduced by the effects of the coronavirus pandemic, is bouncing back faster than expected, officials said this week.
In a report to the City Council on Tuesday, financial services director Jennifer Becker said that Burbank’s tax revenues were generally higher last fiscal year, which ended in June, than staff members had hoped. The city’s recurring General Fund revenues — the receipts it anticipates with high certainty — for fiscal year 2020-21 came in at nearly $181 million, about 4.8% higher than the roughly $173 million forecasted, though they were still 2.4% lower than they were in fiscal year 2019-20.
Continue reading “Burbank Budget Recovering from Pandemic Fallout”
First published in the Dec. 11 print issue of the Glendale News Press.
It has been smooth sailing through at least the first quarter of the fiscal year, according to Glendale’s financial staff.
As of Sept. 30, the city had spent around 23.3% of its anticipated General Fund expenditures for the 2021-22 fiscal year, representing around $57.88 million of the projected $248.29 million for the year. In terms of General Fund revenues, the city had received 11.8%, or $27.33 million, of the projected $231.04 million for the year, a disparity expected thanks to the timing of property tax receipts, according to Deputy Finance Director Adrine Isayan.
Continue reading “Officials: City Is Fiscally Fit”
The City Council unanimously approved the municipal budget for fiscal year 2021-22 on Tuesday, projecting optimism that Burbank’s finances are beginning to recover from the pandemic.
With businesses reopening and the number of total vaccinations increasing across the county, city officials said they expect tax revenue to recover next fiscal year, which begins in July. Despite that, General Fund recurring revenues are still projected to be nearly $9 million below pre-pandemic expectations.
Continue reading “City Council Approves 2021-22 Budget”