As you probably know, the City of Palos Verdes Estates is facing a 21.5% structural deficit in the budget for fiscal year 2017/2018. The shortfall is due to the failure to pass Measure D during the recent municipal elections, which resulted in a loss of 27% of the budget. Part of that shortfall has been made up through one time budget decisions, but the remaining 21.5% shortfall will result in reduced services and consumption of some of the city’s rainy day fund.
For full disclosure, your LBHOA Board of Directors unanimously voted to support Measure D prior to the election, and have issued a position paper more recently in response to continued confusing information being published. To see that position paper, please click here.
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