1. Ask the CFO: Tackling budget challenges head on
When the state budget was signed last month, a significant portion of the final package relied upon taking local city funds to balance the looming state deficit. The state suspended Proposition 1A and will borrow $2.8 million in property tax funds from the city of Ventura and permanently take $1.2 million in revenue from Ventura’s Redevelopment Agency.
Residents in Ventura will find the state’s budget approach drastically different from the cost-cutting measures our city took in March. To balance Ventura’s budget, the City Council eliminated more than $11 million in spending over the next two years to live within our means.
In November, the residents of Ventura will have the opportunity to vote to increase local sales tax by one-half cent for four years. Revenue generated by the increase would stay local, and could not be taken by the state to resolve its budget crisis. The spending plan below outlines how the about $8 million in new revenue would be used to support key community priorities.
- Public safety — police and fire and medical emergency services: 40%
- Public works — street repair, infrastructure investment, transit and park maintenance: 35%
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Clean and safe beaches and rivers: 15%
- Keep Wright Library Open and Safeguard Library Services: 6%
- Maintain and build effective community partnerships: 4%
- Begin to fund the city’s emergency operating reserves.
— Jay Panzica is City's chief financial officer.
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