Sunday, July 12, 2020
CLOSE
 
City of Inglewood Adopts FY 2018-19 Budget
By Sentinel News Service
Published October 4, 2018

New Budget Reflects Improved Local Economy and Healthiest Fiscal Outlook for City in More Than Ten Years  

This week, the Mayor and City Council of Inglewood approved the fiscal year 2018-19 city budget.  The new budget is the healthiest in ten years, as it is the first in that time without a precautionary projected allocation of General Fund Reserves. 

The adopted budget expects revenues of $128,072,451, which is a 16.2% increase from the previous fiscal year.  Significant increases in both property taxes and sales taxes make a large portion of the increase.  General Fund expenditures of $128,016,272, less than 1% increase from last year’s budgeted expenditures, are also expected. 

The new budget it significant, given the previous financial difficulties facing the City.  In 2011, Inglewood faced an $18 million structural deficit with only $11 million remaining in reserves.  It was projected that they City would be cash flow bankrupt by the end of 2011.  

“As I like to say, the only thing that has changed in Inglewood is everything,” said Mayor James Butts.  “The City’s budget is a clear sign of how our community is thriving.  We can continue to expect good things in Inglewood.” 

The City Manager’s letter accompanying the budget also updated expectations for the Fiscal Year 2017-18 Budget.  It is projected that by September 30, 2018, Inglewood will end the fiscal year with a $25 million-dollar surplus and a $50 million cash reserve fund.  

The letter and the budget can be viewed here: https://www.cityofinglewood.org/AgendaCenter/ViewFile/Item/5165?fileID=2861 

 

Categories: Business | Local | News | News (Business)
Tags: | | | |

Get the Los Angeles Sentinel App!



Since 1933 The Voice of Our Community Speaking for Itself.
87 Years of LA Sentinel.
Black News.
SEARCH:    
Videos


Black Fact of the Day


Photo of the Day

Events

LA Sentinel
in your pocket:





TOS-Cookbook-Web

LA Watts Times

 
© 2020 Los Angeles Sentinel All Rights Reserved • A Bakewell Media Publication

AboutArchivesContact UsCorrections & MisprintsMedia Kit

Terms of ServicePrivacy Policy

LA Watts TimesTaste of Soul

Close / I'm already on the list

Subscribe Today!

Don't be limited anymore! Subscribe Now »

** Existing subscribers, please Login / Register for Digital »

Subscribe to The Los Angeles Sentinel for only $5.99 $3.99 per month, with 1 month free!

Relax in comfort each week as you read the printed newspaper on your own time, delivered weekly to your home or office. This subscription also includes UNLIMITED DIGITAL ACCESS for all of your devices. Includes FREE shipping! One easy payment of $3.99/month gets you:

Subscribe Now »