CERRITOS – The Cerritos City Council/Successor Agency adopted a $110 million combined financial program for fiscal year 2014-2015 on June 26. The program includes a city operating budget of $89.4 million, including $6.4 million for capital projects, and a Cerritos Successor Agency budget of $20.6 million. The new fiscal year began on July 1, 2014 and concludes on June 30, 2015.
The budget maintains the city’s existing level of municipal services “while taking into account the prolonged economic downturn and the State of California’s dissolution of redevelopment agencies.”
The dissolution of the Cerritos Redevelopment Agency has cost the city more than $35 million per year in income.
The city’s operating budget of $83 million, excluding capital projects, reflects a .56 percent decrease from the previous year.
Published: July 31, 2014 - Volume 13 - Issue 16