• Anticipation notes to be issued to manage cash flow shortfall

    Cash flow deficits are experienced by many cities when revenue disbursements, particuarly from the State of California, don’t coincide with cities’ expected obligations. Property tax revenues represent the largest revenue source for the City and are paid semi-annually, while transient occupancy taxes come in second. TOT is paid quarterly.

    But payroll and other expenses continue all year long, and temporary cash deficits, according to City finance staff, are usually largest in November. Pacific Grove expects just such a deficit by December, 2009 in the anticipated amount of $2,718,000.

    To meet their needs, many cities pool together and take out short-term (one-year) tax-exempt loan notes. Pacific Grove, in fact, participated in just such a program in July, 2008 for fiscal year 2008/09, in the amount of $3,315,000.

    City Council approved a resolution authorizing the City to issue TRANs for 2009/10. The interest rate is expected to be 1.25 percent.

    posted to Cedar Street Times on April 16, 2009

    Topics: Current Edition, Front PG News


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  • Beach Report Card


    This is the Heal the Bay Beach Report Card for Monterey Peninsula beaches, which reports water quality grades, or when relevant, weather advisories. An A to F grade is assigned based on the health risks of swimming or surfing at that location. Look at the "dry" grade for all days except those "wet" days during and within 3 days after a rainstorm. Click here for more information on the Beach Report Card. Click the name of the beach when it pops up for more details, or choose a beach below.

    AsilomarCarmelLovers PointMunicipal Wharf 2 (Monterey)Upper Del Monte Beach (Monterey)San Carlos Beach (Cannery Row)Stillwater Cove (Pebble Beach)Spanish Bay

    adapted from Heal the Bay, brc.healthebay.org
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