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June 18th, 2009 by Temple City Tribune
Sierra Madre City Councilman John Buchanan briefly discussed the effects of the latest proposed state budget on Sierra Madre at the Sierra Madre City Council Meeting on Tuesday, June 9, 2009. Buchanan was dubious about what the state’s actual final budget might actually look like and how it will affect the states counties and municipalities, saying, “Like any of us can really tell.”
Currently, an 8% takeaway of property tax is proposed. This reduction of property tax, the leading contributor of revenue to the city’s general fund, will have a strong negative impact the city’s budget. Additionally, the governor’s office recently proposed a three-quarters reduction of the gas tax. This gas tax is to the per gallon tax, not the sales tax. The amount from this reduction, which is effectively a seizure of funds traditionally earmarked for municipalities to fill the worsening state budget gap, would add up to $750 million. That translates to around a $250,000 potential loss for Sierra Madre’s general fund.
More information on the state budget to come as we track the latest developments in print and on our website, www.sierramadreweekly.com.