CITY OFFICIALS SWEAT OUT LIKELY LOSS OF REVENUE.Byline: Heather MacDonald Staff Writer Burbank and Glendale officials said Wednesday that Governor-elect Arnold Schwarzenegger's plan to roll back the car tax would create multimillion-dollar deficits in their budgets. Schwarzenegger vowed to cut the vehicle registration fee by two-thirds as soon as he takes office, honoring a promise he made during last month's recall election. ``This whole situation makes cities very nervous,'' said Glendale City Manager Jim Starbird. If the state Legislature A state legislature may refer to a legislative branch or body of a political subdivision in a federal system. The following legislatures exist in the following political subdivisions: ``The brinkmanship brink·man·ship also brinks·man·ship n. The practice, especially in international politics, of seeking advantage by creating the impression that one is willing and able to push a highly dangerous situation to the limit rather than concede. really leaves cities stuck in the middle,'' Starbird said. Glendale city coffers could lose $7.7 million if the car tax is rolled back and the Legislature does not come up with the offsetting money for cities and counties, City Manager Jim Starbird said. Beset be·set tr.v. be·set, be·set·ting, be·sets 1. To attack from all sides. 2. To trouble persistently; harass. See Synonyms at attack. 3. by rising retirement costs for police officers and firefighters, Glendale's budget is already $8 million in the hole, despite cuts of $5 million last year, Starbird said. Last year, the Burbank City Council trimmed nearly $7 million from its budget, Burbank 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 Derek Handway said. ``Our departments are already lean,'' Handway said. ``There's not much more that can be cut without hitting muscle.'' Burbank is already facing a deficit of $3 million as it begins to prepare a spending plan for 2004-05. The rollback of the car tax, while popular with voters, could cause that shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. to grow by $4 million, Handway said. ``That's a huge swing that we'll have to prepare for,'' Handway said. ``We'll have to look for creative solutions.'' Heather MacDonald, (818) 546-3304 heather.macdonald(at)dailynews.com |
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