The Burbank City Council voted Tuesday night to pass a $647 million citywide Budget for fiscal year 2013-2014 that not only produces a balanced spending plan for the upcoming year, but on a recurring basis for the next five years.
The adoption of the Budget sets the initial appropriations for the new fiscal year which begins July 1, 2013 and concludes June 30, 2014. The City entered this year’s budget development process facing a recurring General Fund deficit of $2.2 million for FY 2013-14 and growing to $2.4 million by the fifth year.
“Our goal was to eliminate the structural deficit by identifying ways to reduce the budget, while minimizing the impact on City services for our residents,” said Interim City Manager Ken Pulskamp.
“Thanks to the team effort of City Council and City departments, we are in position to keep the momentum going for the next half decade.”
The City’s new budget incorporates the use of one-time funds to address the City’s unfunded pension liability while also providing long term recurring savings on pension rates. It includes appropriations to help address the needs of the City’s aging infrastructure and stabilizes the condition of the City’s streets. In addition, it continues to fund the City’s reserves in compliance with Burbank’s Financial Policies.
For more information regarding the City of Burbank’s budget for fiscal year 2013-14 or previous years, go to the City’s website burbankca.gov.
