Big Bear, Ca, February 1, 2011, 12:00pm - The City of Big Bear’s Lake projected year-end budget continues to indicate that our local economy is stabilizing. According to the City of Big Bear Lake, the mid-year budget projections indicate that the city’s original adopted budget for fiscal year 2010-11 is on the mark. The three major revenues that support the General Fund, the fund that provides the basic services of the City such as Public Works, Law Enforcement, Code Enforcement, Building, Planning and administrative services, are on budget and are a good indicator of stabilization within our local economy. These revenue sources (Property Tax, Transient Occupancy Tax (TOT) and Sales Tax) produce half of the revenue for the General Fund. The City’s mid-year analysis indicates the General Fund is balanced, and that recurring revenue is exceeding recurring expenditures. This has enabled the City to make a mid-year budget adjustment to contribute $755,700 to reserves. This contribution replenishes most of the reserves that were utilized for snow removal during the January 2010 storms. The City is proud that the City has remained fiscally solvent with a balanced budget during these difficult economic times.
City of Big Bear Lake Has Positive Mid-Year Budget Review
Posted on 02/01/2011 Written by