$50 million budget balanced, AI lurks over unfunded jobs
by Chrissa Olson A $50 million 2023-24 city budget, half going to public safety, was approved by the Hermosa Beach city council at its June 13 meeting. Revenue is projected to increase 7 percent over the 2022-2023 fiscal year, with taxes making up 74 percent of general fund revenue, City Finance Director Viki Copeland said in her presentation to the council. The transient occupancy tax, or “hotel tax” also makes up a significant portion of revenue, at 13 percent, as travel rebounds following the relaxation of COVID-19 restrictions. “Although there is uncertainty in the overall economy, trends in our local economy seem to be pretty good for now,” Copeland said during the meeting. “The recommendations in the budget represent improvements in operations, technology and infrastructure. We do have a lot of improvements in the budget.” Copeland said $3.8 million left over from the previous fiscal year has been added to the contingency fund, which equals 20 percent of general fund expenditures. The city’s five year forecast shows expenditures exceeding revenue beginning in 2028-2029. However, the five year forecast suggests “ample time” to adjust for the approaching deficit. The five year…
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