By Nick Diamantides
The news presented during the Feb. 26 Signal Hill City Council meeting was good. Even with the present downturn in the economy, the city budget is in the black. In fact, the council expressed its confidence in the city’s financial health by agreeing to begin investing in the expansion of the Signal Hill Auto Center.
City Manager Ken Farfsing said, “We’re in good financial shape,” adding that staff was recommending adding $400,000 to the city’s Economic Uncertainties Reserve Fund and another $67,000 to it’s un-appropriated fund.
After Farfsing’s comments, Maida Alcantara, director of finance spent about 20 minutes explaining the various aspects of the city’s revenues and expenditures. She noted that unlike many other cities in the region, Signal Hill does not spend all its money during the year. “Given all the information available to us at mid-year point, we estimate that the General Fund un-appropriated fund balance will end Fiscal Year 2007-2008 (which ends on June 30, 2008) at $4,432,393,” she said. Alcantara explained that the city planned on having about $4.3 million leftover in the General Fund at the end of the fiscal year. The amount grew due to a decrease in expenditures and an increase in revenues.
The Signal Hill Redevelopment Agency’s (RDA) $10,145,950 budget is likewise in the black. Farfsing recommended that the RDA authorize staff to begin the process of acquiring more property for the expansion of the Signal Hill Auto Center. The council, acting in its capacity as RDA board, agreed.
Because most of the councilmembers will be in Washington D.C on March 11, the next council meeting is scheduled for 7 p.m., March 18 in the Signal Hill City Hall Council Chambers.