Nov 04 2008
City of Burlingame faces potential budget cuts.
To the surprise of few, the City of Burlingame announced that they will likely face a budget deficit of nearly $5M if they approve all of captial expenditures that are specified in the pending budget. The San Mateo Daily Journal has outlined the details in this article:
It’s not a surprise because other communities up and down the Peninsula have stubbed their toes in the same manner. San Carlos recently announced that they are operating in a critical deficit mode, and consequently made difficult cuts to balance the budget. While it’s not the primary culprit, the drop in real estate sales has helped exacerbate the problem in many communities. City managers will project a certain amount of increased property tax revenue based upon anticpated sales volume — but we all know that this sales volume has not materialized this year, and the those homes that have sold are taking significant discounts.
So, like San Carlos and other communities on the Peninsula, Burlingame is going to have to make some tough decisions. And like San Carlos, it will probably have to do more with less.
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