Economic swing keeps city in good shape





Westlake Village officials see a stable budget in the year ahead.

The city will continue to receive a steady stream of revenues from its business community to maintain programs and services for its 8,300 residents through the next fiscal year and beyond.

General fund revenues for the 2015-16 fiscal years are anticipated at $11 million with expenses at $9 million. Upward trends in both sales and hotel occupancy taxes keep the budget picture bright, the city said.

The city operates on a twoyear budget cycle.

About $1.2 million of the revenues pay salaries for the city’s 10 full-time employees and part-time workers.

Nearly a quarter of the budget, $2.3 million, will pay for law enforcement provided by the Los Angeles County Sheriff’s Department.

“The city’s No. 1 priority is protection of health, welfare and safety,” City Manager Ray Taylor said.

The city expects to dole out $7.9 million for street maintenance and improvements.

The City Council adopted the 2015-16 fiscal year budget at its June 10 meeting. The city will finish the current fiscal year on June 30 with $6 million in general fund reserves.

There are two capital improvement funds: a restricted account, which will see a fund balance of $1.6 million at the close of next fiscal year, and an unrestricted fund that is expected to see a balance of $8.7 million by June 2016.

The restricted fund is a “rainy day” account that could be used for unexpected costs, Taylor said.

The unrestricted fund pays for capital projects.

The new two-year budget ensures that excess revenue will continue to go into savings so that money is available in case of a major emergency or economic downturn.

“The city gets paid first,” Taylor said.

For the 2015-16 fiscal year, the city also set aside $100,000 for community service grants benefiting local nonprofit organizations, $34,300 to keep the library open on Sundays, $77,000 for the 2015 Fourth of July fireworks and $77,000 for the village trolley.

Money will also be allocated to help finish the new community park and YMCA that’s under construction at Thousand Oaks Boulevard and Lindero Canyon Road.



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