CITY OFFICIALS: WAIT FOR WORD ON ECONOMY.Byline: Naush Boghossian Staff Writer BURBANK Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. - As the nation faces an uncertain economic future exacerbated by the Sept. 11 attacks, Burbank's city staff is recommending that the City Council hold off on any new programs or projects. Stopping short of recommending that the city reduce services budgeted for this year, the staff is suggesting that the city delay appropriating the $4.4 million balance until officials have a better idea of the effect of the economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. on Burbank. ``The city is in an excellent financial position, but our intent with the recommendation is to watch it carefully for the midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. review in December,'' said Derek Hanway, Burbank's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. director, adding that the recommendation is only precautionary pre·cau·tion·ar·y also pre·cau·tion·al adj. Of, relating to, or constituting a precaution: taking precautionary measures; gave precautionary advice. Adj. 1. . ``It's more critical with the economic environment we're in, and we need to stay on top of things.'' The city has concluded that sales tax 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. revenues, as well as taxes generated by visitors to the city at hotels and for parking, are at risk. But, Hanway said, the state poses the No. 1 risk to the city's budget. ``Historically, when the state has budget problems, they have taken from local governments,'' Hanway said, noting that the state dipped into the city's share of property tax revenue during the recession in the early 1990s. Staff members believe the state will most likely take the $3.7 million in vehicle license fees. The financial services department wants the city to monitor its funds as the midyear budget review approaches, and before it adopts the fiscal 2002-03 budget next June. |
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