Westside : BUDGET SHORTFALL
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For the first time in its short history, the city of Malibu will be in the red. Midyear budget projections show that the city will end fiscal year 1995-96 with an $80,000 deficit.
The Malibu City Council approved an $8.5-million midyear operating budget last week. The $80,000 shortfall will be covered with funds from the city’s $2-million-plus general fund reserve, a city official said.
The deficit “is not a real problem,” said Assistant City Manager Mark Lorimer. “We decided to do this because [maintaining] programs is important, and that is what the reserve fund is here for.”
Malibu is expected to pay about $840,000 in legal settlements this year, he said. A total of $800,000 will go to two companies that won lawsuits against Malibu’s mobile home park rent-control policy and $40,000 to cover individual suits.
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