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SANTACRUZ SURPLUS-9/28/13-14:21-PMD

THE CITY OF SANTA CRUZ ANNOUNCED A SURPLUS FOR THE 2012-13 YEAR.AFTER THE CITY COUNCIL MET ITS RESERVE FUND GOAL OF 78 MILLION DOLLARS IT WAS LEFT WITH A 6.3 MILLION DOLLAR SURPLUS.  CITY AND LABOR LEADERS REACHED AN AGREEMENT IN WHICH 2.1 MILLION DOLLARS OF THE SURPLUS WILL BE USED TO EITHER POSTPONE HEALTHCARE CONTRIBUTION INCREASES OR PROVIDE TEMPORARY PAY INCREASES. THE AGREEMENT EXPIRES DURING THE SUMMER OF 2015 AT WHICH TIME CITY MANAGERS ARE HOPING TO HAVE MORE STABLE FINANCIAL BASE TO NEGOTIATE NEW CONTRACTS WITH CITY LABOR LEADERS.

 

 

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