At the close of last fiscal year, the city still felt the sting of the loss of local redevelopment as the lack of that extra revenue contributed to a 7%, or $9.2-million, drop in tax revenue across the city’s 22 governmental funds, including the General Fund, according to a new report.
However, the effects of the dissolution of redevelopment are “mostly behind the city now,” said Financial Services Director Cindy Giraldo.
“The major impacts of (redevelopment’s dissolution) have been absorbed now by the city and we’re ready to move forward,” Giraldo said.
Overall, the city’s total net assets increased by $3.2 million to $1.45 billion, according to the Comprehensive Annual Financial Report compiled by city staff and released this week. Additionally, the city ended the year with an unassigned General Fund balance of $43.2 million, which includes the city’s reserves.