Inglewood Mayor James Butts and the city council approved recently the fiscal year 2018-19 city budget. The new budget is the healthiest in ten years, as it is the first in that time without a precautionary projected allocation of general fund reserves.
The adopted budget expects revenues of $128,072,451, which is a 16.2 percent increase from the previous fiscal year. Significant increases in both property taxes and sales taxes make a large portion of the increase. General fund expenditures of $128,016,272, less than a 1-percent increase from last year’s budgeted expenditures, are also expected.
The new budget it significant, given the previous financial difficulties facing the City. In 2011, Inglewood faced an $18 million structural deficit with only $11 million remaining in reserves. It was projected that they city would be cash flow bankrupt by the end of 2011.
“As I like to say, the only thing that has changed in Inglewood is everything,” said Inglewood Mayor James Butts. “The city’s budget is a clear sign of how our community is thriving. We can continue to expect good things in Inglewood.”
The city manager’s office has reported that Inglewood has completed the 2017-18 fiscal year $25 million-dollar surplus and a $50 million cash reserve fund.
