AUDIT: CITY ENDS FISCAL YEAR WITH $30 MILLION SURPLUS.Byline: Alexa Hausler Staff Writer Joining the ranks of states, cities and counties cashing in on a strong economy, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ended the past fiscal year with $30 million more in its reserves than expected, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report issued Friday. City Controller Rick Tuttle Rick Tuttle (born 1940) was Los Angeles City Controller from 1985 to 2001. He stressed the importance of creating a strong democratic influence at UCLA, which was in his words "the best large public university in a major city. delivered the rosy financial news in his year-end analysis of the city's books for budget year 1999-2000, which ended June 30. He attributed the bonanza to increased revenue to the city from fees, sales taxes sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. , tobacco settlement dollars and its cut of the state's surplus dollars. He also applauded the mayor, City Council and department heads for using ``restraint'' with the city's revenues. ``We are seeing the results of that discipline with a healthy June 30 cash balance for the third year in a row,'' Tuttle wrote. Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. released a statement Friday hailing the news. ``This is great news. Los Angeles is back!'' the mayor said. ``From multimedia to biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. to dot-com businesses, the city is leading the way in the 'new economy.' '' Councilman Mike Feuer, chairman of the council's Budget and Finance Committee, called Tuttle's report good news, but said the city should be cautious in its plans for the extra cash. He said the city might need it for police costs from next week's Democratic National Convention or other unanticipated expenses. ``I intend to give those figures close scrutiny in the budget committee and assure that we proceed cautiously because we are so early in the year and so many things can change,'' Feuer said. The city budget for 1999-2000 anticipated total receipts of nearly $4.2 billion. |
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