Encinitas will set aside $ 6.5 million to transform the old Pacific View School property into the city’s arts center in the next fiscal year.
The newly approved city spending plan also includes special funding for the ongoing overhaul of Leukadia’s section of Coastal Highway 101, as well as money to design a quiet zone for the siren, improve along Rancho Santa Fe road and add more bike paths throughout the city.
The new fiscal year of the city starts on July 1, and the members of the City Council last week unanimously and enthusiastically adopted the budget for next year.
“It’s balanced,” council member Joe Mosca began as he enumerated the characteristics of the budget. “We have really generous reserves … and that really reflects the council’s priorities … I think this budget really reflects our values.”
Others on the council said they wholeheartedly agreed.
“We’re in a good place, we’ve managed our money well,” Council member Joy Lyndes said.
She praised city staff members for their “creative” proposal to borrow money from IBank – the state bank for infrastructure and economic development – to fund work on Leucadia Streetscape. Earlier in the evening, the council approved the paperwork for the $ 20 million loan. The loan, which has an interest rate of 3.3 percent, is repaid over a period of 15 years.
Council member Tony Kranz said he was glad to see the extra money in the budget to pay for the implementation of the code, noting that he hoped it would reduce problems with short-term holiday rentals. He also pointed out that the city is increasing funds for public safety.
Mayor Catherine Blakespear said the money to renovate the Pacific View estate is proof that Encinitas embraces art.
The council approved two budgets on Wednesday night – the city’s General Fund budget, which covers basic city services, and the city’s capital investment budget, which finances major construction projects.
Encinitas expects to raise $ 92.3 million in total fund revenue in the next fiscal year. When that figure is adjusted to include a one-time income from IBank’s $ 20 million loan, the estimated revenue is 3.7 percent – or about $ 3.3 million – more than the current fiscal year, city officials said.
The total cost is expected to be $ 82.8 million. When that figure is adjusted by $ 8.1 million to eliminate one-time federal funding related to the corona virus, city spending is projected to be 4.2 percent – or $ 3.3 million – above the current fiscal year, according to report.
The unallocated, closing balance of the fund will be $ 2.1 million, it added.
The budget of the General Fund covers the costs of public safety, public works, planning and development, maintenance of parks and streets, implementation of codes and administrative services that support these programs.
The city’s six-year spending plan for capital improvement includes $ 111 million in major construction projects. Of that, $ 22.5 million is planned to be spent in the next fiscal year, including money for the renovation of Pacific View and Streetscape projects.
To see spending plans, visit: https://encinitas.granicus.com/MetaViewer.php?view_id=7&clip_id=2759&meta_id=141378
