CAMARILLO : City Expects to End Fiscal Year With $2-Million Reserve
The city of Camarillo, the victim of a faulty investment scheme that drained city coffers four years ago, will have about $2 million in reserve by the end of June--up about $800,000 from last year, officials said Saturday.
Councilwoman Charlotte Craven said the increase is a clear indication that the city is continuing its financial comeback.
In 1987 all of Camarillo’s savings--about $25 million--were lost after former City Treasurer Donald Tarnow borrowed funds to finance highly speculative investments.
After several years of cutbacks and hiring freezes, the city has slowly rebuilt its reserve.
City officials spent most of Saturday reviewing the new budget for fiscal year 1991-92.
Also on Saturday, council members voted to increase city sewer rates to $14.99 a month, up from about $10.60. Also, water rates will be increased by about 10 cents a unit.
In the wake of the drought, Craven said, the increases are necessary because the city is being forced to spend more on water.
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