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Cerritos : Budget Down 27% With Cut in Renewal Spending

June 29, 1989

With many of its park and redevelopment projects completed, Cerritos will spend $65.9 million during the coming fiscal year, a 27% decrease in overall spending from last year's city budget of $90.4 million.

The 1989-90 budget, which was unanimously approved by the City Council last week, contains $35.8 million for the Cerritos Redevelopment Agency. Agency spending this year, including capital projects, was $58.9 million, well over half of all city outlays.

Among the projects that were finished this year or are nearly complete are Liberty Park, Carmenita Road construction, the sports complex in Regional Park and the interior streets in Towne Center, the office, hotel and arts center complex that is taking shape in the redevelopment zone at Bloomfield Avenue and 183rd Street.

Compared to the spending changes for the Redevelopment Agency, the city's operating budget will change very little in the coming year. It will be $30.1 million, compared to $31.5 million this year. The city will have about $11 million in reserves for the coming year.

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