The City Council received a report Monday projecting a balanced city budget for the 2013-2014 fiscal year, with general fund revenues of $21.9 million and expenditures of $21.8 million.
More than 40 percent of the general revenue is provided by property tax revenues collected by the City of Malibu, according to Assistant City Manager Reva Feldman.
Nearly half of the projected expenditures will fund operational costs such as employing 63 fulltime city staffers, maintaining parks properties and running City Hall.
The city’s reserve fund, called the General Fund Undesignated Reserve, is projected to be $12 million. That number meets a council goal set last year of always holding in reserve at least 50 percent of its yearly operating budget in case of an emergency. The $12 million is more than $2.1 million more than anticipated, according to Feldman.
“While other cities have struggled because of overspending, overborrowing… Malibu has been prudent in its finances,” she said.
Public safety expenditures continue to slowly climb, as the city is projected to pay $6.47 million for law enforcement services from the Los Angeles County Sheriff ’s Department. The city paid the sheriff’s department $6.3 million in 2012-2013, and $5.75 million in 2011-2012. The 2013-2014 budget officially kicks in July 1.