Mr. Groveman is quick to show the black side of the Calabasas balance sheet: strong assets, cash in the general reserve. But analysis of the city’s budget shows that the city’s balance sheet has a red side, too, habitually spending more than it receives by about $4 million a year.
The city has a cash flow problem that is rather quickly draining its reserves. There are two ways to address this: cut spending, or increase the tax base. To cut spending would require a smaller city gover...
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