Columnist Discusses City Budget
The Antioch City Council just had the first of many meetings in regard to building the fiscal 2012-13 budget and reviewing projections for the fiscal 2014 budget. Although Antioch, severely understaffed and not meeting community demands for services e.g. the Police Dept. only open to the public 16 hours a week, isn’t in the best fiscal shape, unlike our neighbor Brentwood, there is hope on the horizon. (Jim Frazier for Assembly campaign signs posted all over town on public rights-of-way, fences and other places not allowed in Antioch, aren’t helping our image either.)
Projections previously provided to Council reflected deficit spending in the General Fund of $50,881 in FY12 and $1,781,473 in FY13. Now, however, current projections indicate elimination of the FY12 deficit, largely due to an 8.8% increase in sales tax projections between March 2011 and 2012 and $800,000 in payments from GenOn to be received in July and December 2012. (Council directed that $100,000 of GenOn funds be used to supplement the code enforcement program.)
While the City’s General Fund could run out of fund balance in FY2014, primarily due to higher worker’s compensation insurance premiums and newly negotiated salary increases and other payroll factors, including PERs rates, consultants anticipate the City will return to 2008 sales tax levels by FY16.
In case you’re interested in the City’s investment portfolio, 28.39% is invested in Federal Home Loan Banks, 24.03% is invested with the U.S. Treasury, 28.39% with Fannie Mae, 18.40% with General Electric Company plus other numerous investments including Wal-Mart Stores, Inc. (0.73%).
