Posted on April 15, 2020
Laguna Beach, a seaside town that relies heavily on tourism dollars to support city services, is expecting a $12 million loss in revenue as a result of the evolving coronavirus pandemic.
The city’s general fund, which supports services such as police, fire and parks and recreation and community development, is expected to lose $6 million, which would be an 8.5% hit in revenue. A fund dedicated to large or “capital” improvements is expected to lose $2.3 million, or about 32%; and a fund that is generated from parking revenue is expected to fall short of expectations by about 14% or $1 million.
The most significant revenue loss is expected to be from the city’s hotel tax, which is anticipated to fall $3.5 million shy of budget projections. Sales tax revenue is expected to come up short $1.3 million from what was planned for as people stay home more, said Gavin Curran, the city’s director of administrative services.
Source: coastalnewstoday
