Overview of City Budget

Posted by on Oct 13th, 2016 and filed under News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

By Brian CHERNICK

The City of Glendale released its annual budget for 2016-17 earlier this year. According to the report, a total of $819,533,134 has been appropriated from the estimated revenue. This year’s budget reflects a $6 million decrease from last year. The 2015-16 fiscal year had a budget of $825,715,929.

Over 40% ($344,147,805) of the current year budget has been allocated to Glendale Water and Power Dept (GWP). GWP is working on a series of projects where these allocated funds will be applied including a possible investment, estimated at around $9 million, to expand the city’s intra and internet with high-speed, city-wide fiber optic internet aimed at businesses.

Of the remaining nearly $500 million, one fifth will be set aside for Public Works, with nearly $100 million for the Glendale Police Dept. and 9% of the total budget allocated for community development.

A chunk of the city’s revenue is expected to come primarily from Charges for Services from departments, such as GWP service for residents and businesses, totaling $464,989,402, or 56.7% of the expected revenue.

Nearly 18% of revenue will be derived from various taxes, such as property, sales and utilities. Sales taxes alone will account for 5.6% of revenue, or $41,478,188, an increase from the first quarter of 2016 reported of $38,071,599.

This increase in tax revenue indicates an expectation in improved retailer performances as high-end apparel stores bring in more shoppers.

Categories: News
Tags:

Leave a Reply

*


Photo Gallery

www.shoponceuponatime.com
  /  Los Angeles Web Design By Caspian Services, Inc.