City closes out 2013/14 with positive cash flow of $910,000

"We have good news for the second year in a row," City Manager Nancy Kerry started with during her presentation Tuesday to the South Lake Tahoe City Council.

The budget for fiscal year 2013-14 closed out with a positive cash flow of $910,000. Kerry reported that a conservative fiscal philosophy and being budget conscious got the City through the recession. They have maintained a 25% reserve in the budget since 2005, a move that has allowed the City to be in the position to now grow the economy.

Kerry reminded the City Council of the tough decisions and cuts they had to make which resulted in 70 job being lost.

"Be wise, keep processes in place that got the City here and keep the 25% reserve," she told the Council.

"Nice to know we're moving ahead financially," Councilwoman JoAnn Conner said.

In 2015 the City will be seeing a Capital Investment prioritization, a
Parks, Trails and Recreation Master Plan completion, finishing of an Airport Master Plan, investment by private and public partnerships of $300 million, and the refinancing of additional bonds to reduce debt.

The mid-year status of the 2014/15 budget will be presented during the April 6 City Council meeting.