Campbell, in fiscal emergency, wipes out $463,000 deficit
By Jeanne Starmack
The budget now has a surplus.
CAMPBELL — The city has eliminated a $463,000 deficit in its 2010 budget, though Council President William Vansuch is loathe to call the budget “balanced.” “I hate that word,” he said after council’s meeting last week, when the lawmakers introduced several more amendments that contain revisions to the budget.
“How can we have a balanced budget when all our revenues are anticipated?” he asked.
Nonetheless, he said, the budget is in compliance with the requirement of a state commission that is overseeing the city’s finances because it is in fiscal emergency.
The state Financial Planning and Supervision Commission for the city of Campbell told the city in December to eliminate the deficit.
City administrators and officials worked on the budget for weeks.
Rather than a deficit, the budget now has a surplus of $29,012, according to figures provided by the city’s finance director, Sherman Miles.
The change was achieved through cuts, savings and an increase in estimated revenues, said Miles and Paul Marshall, who chairs the state oversight committee.
Read the full story Monday in The Vindicator and on Vindy.com.