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Pittsburg reports ‘strong financial position’ ahead of budget meeting

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At a budget workshop meeting Monday, the Pittsburg City Council will view a presentation asserting the city’s financial position is solid, and will continue to improve over the next three years.

City revenues are expected to be up 3.2 percent in 2019-2020 from the previous fiscal year, from $45.6 million to $47.04 million. Planned city expenditures are expected to rise 2.29 percent, from $46.6 million to $47.65 million. A $1.01 million deficit in 2018-19 is thus expected to shrink to about $619,000 in 2019-2020, according to a city report.

That revenue number is expected increase each year at least through 2022-2023, when revenues are projected to be about $51.4 million, a 9 percent increase from, 2019-2020, the report says.

In addition to having an “Aa2” bond rating – a reflection of the city’s “strong financial position,” the report says – the City of Pittsburg’s various operating funds have healthy reserve levels to contend with emergencies, ranging from 38 to 96 percent.

Input from Monday’s budget workshop will be used for crafting the preliminary budget ahead of city Finance Subcommittee review in May. The City Council is expected to approve a final 2019-2020 budget in early to mid-June. Monday’s City Council workshop meeting begins at 4:30 p.m. at the City Hall council chamber, 65 Civic Ave. in Pittsburg.

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