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No tax increase in Long Beach

Long Beach City Manager Charles Theofan announced Wednesday he will propose taking $1 million from the city’s reserve fund so the city’s 2011-12 budget will not have a tax increase.

The proposed budget calls for expenditures of $83.9 million.

The reduction would eliminate about 26 percent of the city’s $3.8-million reserve fund. Theofan said the remaining reserve fund would be sufficient.

“A $2.8 million reserve fund leaves the city in a fiscally sound position moving forward,” he said in a press release .

The release did not offer specifics about spending priorities. Theofan did not immediately respond to requests for comment.

Copies of the proposed budget will be available online and at the Long Beach Public Library beginning April 21.

Hearings on the proposed budget are scheduled for May 17 and May 24. By law, the budget must be adopted by May 31.

Tags: Long Beach

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