$5.6M in Stockton, CA bank account | Community
Extra cash comes in part from rise in sales taxes, vacancies on police force, unused mediation funds.
For the first time in two years, the City of Stockton's bank account shows a positive balance, which city officials attributed in part to an uptick in sales taxes and savings brought on by the difficulty of filling empty positions on the police force.
That extra $5.6 million in the city's general fund - the subject of Stockton's Chapter 9 case - will be held for use in the city's ongoing bankruptcy, Chief Financial Officer Vanessa Burke said in a staff report.
On Tuesday, Burke is expected to present the year-end financial results to the City Council in addition to another long-awaited, 300-page report dissecting Stockton's finances for the year ending June 30, 2011, called the Comprehensive Annual Financial Report.
These two developments in Stockton's finances will be heard at the City Council's final scheduled meeting for 2012. The council will reconvene in January with four of its seven members newly elected.