Good news is found in Hermosa Beach city budget report
Michael DiVirgilio News of a slowly recovering economy was found in a mid-year Hermosa Beach budget report, which estimates a 4 percent rise in revenues flowing to City Hall, on the heels of a 1 percent revenue increase the year before. “As reported in January with the Comprehensive Annual Financial Report (CAFR) for 2010-11, the revenue picture at the end of the year was slightly improved with revenue up 1 percent overall. Now we are able to report an increase in revenue estimates of 4 percent, which suggests the trend may be sustainable,” wrote city Finance Director Viki Copeland. “This is a positive indication that our local economy is indeed recovering, albeit slowly,” she wrote. The estimate of property tax revenue for the year rose 2 percent, despite officials’ expectation of a slight decline. “Hermosa Beach has been fortunate to have positive growth throughout the recession, whereas many cities had serious declines,” Copeland reported. “Sales tax revenue is up 11 percent for the first half [of the fiscal year], which is very good news. The new estimate is conservatively 7 percent” over the year before, in which the city saw a 5 percent increase, she wrote. The report shows…
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