Costa Mesa finishes 2013-14 fiscal year with at least a $6 million budget surplus
The surplus—which represents 5.5% of the General Fund budget—was achieved through a combination of higher-than-expected revenues and disciplined spending and financial management, allowing the city to finish in the black for the fourth consecutive year. Over the past four fiscal years, the city’s budget surpluses have added up to $19.4 million ($6 million for 2013-14; $7.1 million for 2012-13; $2.5 million for 2011-12; and $3.8 million for 2010-11).
“We are pleased to deliver to taxpayers another significant surplus,” said the City’s Chief Executive Officer Tom Hatch. “We look forward to discussing with the City Council and community how to incorporate the surplus into our future financial planning.”
Final audited numbers will be available in November when the city’s Comprehensive Annual Financial Report (CAFR) is completed.