Special Budget Study Session Announced
City Council to hold special Budget Briefing study session on April 26
COSTA MESA, CALIF.—The Costa Mesa City Council will hold a special Budget Briefing study session on April 26 to provide information, clarity and increase transparency on several fiscal issues.
The session, which will begin at 4:30 p.m., will provide a detailed overview of the state of the city’s fund balance or reserves; a presentation by an independent CalPERS expert who will explain Costa Mesa’s $130 million unfunded liability, its current PERS costs and future projections; and a look at how the city is making revenue projections for next fiscal year.
In a break from past tradition at council study sessions, the public will be able to ask questions at the end of each presentation, and city staff and its experts will provide answers.
The Budget Briefing study session is scheduled a few weeks before the city’s preliminary 2011-2012 budget will be made public.
“We want to provide the public with a foundation upon which we can have a vigorous and informed discussion about the 2011-2012 budget,” said City Chief Executive Office Tom Hatch. “We think this briefing will help to enhance transparency and clarify the city’s financial condition.”
A GOOD STEP
This looks like a good step in pulling the veil of confusion back from the budgeting process and may go a long way to helping the public understand the complexity of the process and the actual facts of the City's financial condition. It won't surprise me if, because if the high level of public interest in this subject, this particular study session is moved from Conference Room 1A to the council chambers.