Beverly Hills City Council Considers Cuts of $38.8 Million
Posted Thursday, May 21, 2020 - 6:47 pm
By Laura Coleman
With operating revenues expected to decrease by 20 percent, the Beverly Hills City Council is considering ways to balance next year’s budget. The Council must approve the fiscal year 2020/21 (FY 2020/2021) budget by the end of June to maintain operations.
Total operating revenue for the upcoming fiscal year is forecast to drop to $211.7 million, $38.8 million less than the City’s original projection, largely resulting from the negative fiscal impacts of the COVID-19 crisis on Transient Occupancy Tax (TOT), business taxes and sales taxes. Projected revenue for this current fiscal year, FY 2019/20, is just north of $268 million.
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