Newport Beach reports $14M budget surplus

http://www.ocregister.com/articles/higher-701504-million-budget.html

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NEWPORT BEACH – Higher than expected revenues helped the city see a $14 million surplus in the most recent budget.

City officials said this month Newport Beach had a $14.2 million operating budget surplus, according to a preliminary report from during the 2014-15 fiscal year. General fund revenues were $185.9 million, which was $4.4 million higher than budgeted and $11.9 million higher than the previous fiscal year.

The three largest sources of revenue – property taxes, sales tax and hotel bed taxes – all saw increases this year, according to the report. Property taxes, which make up almost half of all general fund revenues, were $152,000 higher than budgeted; sales tax was $78,000 higher than budgeted; and bed taxes were $991,000 higher than budgeted, according to the report.

General fund expenditures were $12 million lower than budgeted, but $15.5 million higher than the previous year, according to a staff report.

The city reported a $9.7 million operating budget surplus in the audited 2013-14 budget, according to finance department data. Much of that money has been transferred to fund payments for the city’s debt obligations – especially pension obligations – or transferred to funds for neighborhood improvement.

Contact the writer: 714-796-7990 or [email protected]

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