Preliminary Budget Shows Balanced Books for Malibu

The Malibu City Council will hear a report at its next meeting showing a preliminary balanced budget for the upcoming fiscal year, with a healthy $12 millon in reserves.

General fund revenues will reach $21.9 million, while expenses are estimated at $21.8 million, according to a city staff report released Friday.

The approximate $12 million reserve fund for the 2013-2014 fiscal year is $2.1 million more than what was anticipated last year, the report states.

"This significant increase is due to the $1 millon reimbursement that the city received from the Civic Center Wastewater Treatment Facility Communities Facilities District; $ 1milion of additional General Fund revenue and conservative spending in Fiscal Year 2012-13," according to the report.

The city's major revenue sources comes from property taxes, documentary transfer taxes, a utility user's tax, sales tax and transient occupancy tax.

For public safety, the budget has increased increased $127,000 from the prior fiscal year, while the allocation for emergency preparedness has decreased $12,000, the report states.

The meeting is set for 6:30 p.m. Monday, April 22 at Malibu City Hall.

Read the full proposed budget on the city's website. Malibu Patch will have more analysis on the city's budget soon.