Mayor may appoint committee to study city finances
By RAY HUARD – rhuard@nctimes.com
blue-ribbon committee to make “some out-of-the-box
suggestions” on dealing with the city’s deteriorating
financial condition.Wood made the suggestion last
week after an outside auditor warned in a report
delivered to the City Council on Wednesday that in the
past fiscal year the city spent $19.9 million more than
it did the previous fiscal year, yet took in $19.6
million less.
To make up the difference, the city tapped into its
reserves, and City Manager Peter Weiss warned that it
would likely have to do the same this year.
Among all city operations, the city by the end of the
2008-09 fiscal year in June had $52.7 million in
reserves in an overall budget of $356.2 million. About
$120 million of the budget was for the general fund,
which covers most day-to-day functions of city
government.
The audit report concluded Oceanside was headed for
trouble if it didn’t reverse the trend of depleting its
reserves, which are its savings, to cover ongoing
operating expenses.
The mayor did not elaborate on his ideas, but said he
would provide the council later with names of people who
might serve on the commission.
“Certainly, we’re here to provide services and that’s
the last thing we want to cut,” Wood said as the council
was adjourning Wednesday.
