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.