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The Brea City Council held a public hearing, heard staff presentations and approved balanced budgets for Fiscal Year 2010-2011 at their meeting on June 15, 2010.
The City produces the Comprehensive Annual Financial Report (CAFR) on an annual basis. This report contains Brea’s audited financial statements and a statistical section, as well as Management’s Discussion and Analysis of the fiscal year reported.
As the national recession lingers and city tax revenues continue to fall short of what is needed to cover the cost of city services, Brea officials are projecting a nearly $2 million budget deficit for the 2009-2010 fiscal year, which begins in July. To curtail some of the budget shortfall, the Budget Strategic Planning team began proposing a number of budget reductions.