Norco foresees $4 million spending gap by 2010
The city of Norco faces a nearly $4 million gap between spending and revenues by 2010 unless more money is brought in or spending is cut, Finance Director Andy Okoro told the City Council at a workshop this morning.
While the city’s roughly $15 million annual income is expected to grow only minimally in the next few years, existing budget commitments are projected to cost more than $19 million by fiscal year 2010, Okoro said at the council’s biennial planning session.
On the plus side, the city’s reserve funds are higher than ever at about $8.4 million, according to city officials. City Manager Jeff Allred told the council economic development is the way out of the budget hole.
“We’ve got land that’s freeway-oriented,” mainly along Hamner Avenue, he said. “If we do things right then we can overcome this.”
—Alicia Robinson
arobinson@PE.com