The City Council on Monday approved the budget for the 2013-2014 fiscal year, projected at $37.1 million in expenditures and $32.2 million in revenues.
Despite lower returns than projected expenses, assistant city manager Reva Feldman attributed the nearly $5 million gap to grant funding and “reserves for capital projects” to be used on projects this upcoming year. She said the city would maintain balanced books.
“Total expenditure budget is higher than our total revenue budget because we’re using grants and special revenues for some of our capital fund projects, but our general fund budget is a balanced budget,” Feldman told the council.
One big-ticket item included in the capital expenditures is $3.1 million for the Civic Center wastewater treatment facility, which will be paid for with bonds by commercial property owners in the Civic Center. Another $5.5 million in capital expenditures will be funded from grants.
The bulk of the city’s expenses are projected to go to public safety costs, according to numbers prepared by Feldman’s office.
Malibu stands to pay $6.5 million for public safety services through the Los Angeles County Sheriff’s Department.
In the revenue department, Feldman noted that projected sales tax revenues could amount to more than the $2.9 million projected, as she did not accounted for several new shops and restaurants set to open in the city, including Urban Outfitters in the Civic Center and Nikita restaurant just south of the Malibu Pier on Pacific Coast Highway.
The budget anticipates the city to take in increased revenue for multiple tax sources in the coming fiscal year: $7.4 million in property taxes (up $525,000 from last year), $450,000 in document transfer tax (up $85,000) and $1.2 million in transient occupancy tax (up $35,000).
The view the budget in its entirety, visit here.