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    Interim Mayor Todd Gloria released the City of San Diego's first quarter budget report for fiscal year 2014. The report projects a $18 million budget surplus by the end of the fiscal year based on the first three months. However, the mayor cautions against spending increased revenue yet as unforeseen events could still impact projections. The report recommends against service enhancements for the remainder of the year due to the uncertainty of the projections. It will be discussed by the city's Budget and Finance Committee later this month.

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    Interim Mayor Todd Gloria released the City of San Diego's first quarter budget report for fiscal year 2014. The report projects a $18 million budget surplus by the end of the fiscal year based on the first three months. However, the mayor cautions against spending increased revenue yet as unforeseen events could still impact projections. The report recommends against service enhancements for the remainder of the year due to the uncertainty of the projections. It will be discussed by the city's Budget and Finance Committee later this month.

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    Interim Mayor Todd Gloria: News From City of San Diego

    Uploaded by

    api-63385278
    Interim Mayor Todd Gloria released the City of San Diego's first quarter budget report for fiscal year 2014. The report projects a $18 million budget surplus by the end of the fiscal year based on the first three months. However, the mayor cautions against spending increased revenue yet as unforeseen events could still impact projections. The report recommends against service enhancements for the remainder of the year due to the uncertainty of the projections. It will be discussed by the city's Budget and Finance Committee later this month.

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    News from

    Interim Mayor Todd Gloria


    City of San Diego
    NEWS RELEASE
    For immediate release: November 15, 2013 Contact: Katie Keach, 619-235-5268

    San Diegos First Quarter Budget Report: Cautiously Optimistic Interim Mayor Cautions Against Spending Increased Revenue
    SAN DIEGO, CA (November 15, 2013) Interim Mayor Todd Gloria today released the City of San Diegos First Quarter Budget Monitoring Report for Fiscal Year 2014 in advance of next weeks Budget and Finance Committee discussion. The report can be found online: http://www.sandiego.gov/fm/. Based on the first three months of the fiscal year, the City could see revenue exceeding expenditures by $18.0 million when FY 2014 concludes June 30, 2014. The revenue and expenditure variances are less than five percent when compared to the full $1.2 billion budgets. The projected budgetary surplus is primarily the result of unanticipated receipts, including residual distributions from the Redevelopment Property Tax Trust Fund and revenue from the disposition of assets following the dissolution of the San Diego Data Processing Corporation. The primary contributors to the over budget expenditure projection are the mayoral special election, personnel expenditures, and costs related to the relocation of some City offices. The report recommends against service enhancements because unforeseen events may impact expenditure and revenue projections as the fiscal year progresses. Projections for a year-end surplus are based on three months of activity. While I hope the positive trends continue, it would be irresponsible for the City to spend money we dont yet have, said Interim Mayor Gloria. Additional sections are included in the report, such as discussions of significant policies and budget items that are in the adopted budget, employee position vacancies, and risks. The report also features a financial summary table to clarify the projections. The report will be discussed by the Budget and Finance Committee at its public meeting on Thursday, November 21 at 3:00 p.m. in the City Administration Building. ###

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