MALIBU—The city of Malibu indicated on Friday, October 25 that the adopted budget for Fiscal Year 2024-25 is balanced, reflecting both its commitment to responsible fiscal management and efforts to improve customer service, processes, and transparency.
According to a news release from the city’s website, the budget reflects the city’s goal to maintaining a strong financial foundation. Malibu’s “excellent financial status enables the City to provide essential services, protect Malibu’s safety and environment, and maintain reserves to handle disasters and economic downturns,” said the city in a statement.
The General Fund is projected to end the fiscal year with $69.45 million, representing 115.3 percent of the budgeted expenditures—well above Malibu’s goal of maintaining reserves at 50 percent of expenditures. Malibu’s major revenue sources—Property Taxes, Transient Occupancy Tax (TOT), and Sales and Use Tax—are budgeted for modest growth. Property Taxes are expected to rise by 5.5 percent to $19.5 million, while TOT from hotels, motels, and private rentals remains steady at $9.5 million. Sales and Use Tax revenue is set to grow by $500,000 over the previous year, totaling $8.9 million.
Key highlights of the budget include a $1.3 million allocation for enhanced traffic enforcement on Pacific Coast Highway (PCH) and $200,000 for speed cameras to address safety concerns. The Environmental Sustainability Department will receive an additional $667,000, including $500,000 for the new Exterior Elevated Elements (E3) program. Significant funds are also earmarked for ongoing Woolsey Fire rebuild efforts and storm damage repairs, which are partially reimbursable by FEMA and other agencies.
Malibu is taking steps to improve efficiency and transparency by restructuring the Environmental Sustainability and Planning Departments. A new Director of Community Development position will oversee such changes, which aim to improve customer service and reduce caseloads. The budget includes $2.5 million for the development of a permanent skatepark, a priority project for the community.
To view the FY 2024-25 budget, visit: www.MalibuCity.org/Budget. Individuals can watch the Malibu City Council’s budget presentation from June 24, 2024, at: youtube.com/live/RNc1A-2HZCo?si=IHZh6HVDlKp7AUsI&t=6726&fbclid=IwY2xjawGMYtxleHRuA2FlbQIxMAABHeDiU47_DAaSKptILn8g9VWlp7c0rbw-BBEFz8w2QDwKT33lAT8Od8OWAA_aem_6Z7jGgWt-WP4oY1tB7y7PA.
By Trevor