Council Holding Special Meeting to Review Budget

The budget for the 2012/2013 fiscal year will be the subject of a public hearing on June 4.

The Foster City City Council will meet in a special session today to review the 2012/2013 budget and Five-Year Financial Plan to address a structural deficit the city faces.

The budget for the next fiscal year projects a $1.3 million deficit, and the 2013/2014 budget a deficit of $1.6 million.

That follows two years in which the city has depleted its reserves with $6 million in deficit spending.

The basis of the review is a the city manager’s office issued on May 3.

The 2012/2013 budget will be the subject of a public hearing on June 4.

The 2011/2012 fiscal year ends on June 30.

The meeting will be held today at 4 p.m. at City Hall and is open to the public.

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