The Oakley City Council recently approved its midyear budget report. While estimated General Fund revenues will be approximately $300,000 lower than originally budgeted, the city has been managing expenditures to compensate.

Most of the savings come from staff vacancies and staff reductions through attrition. The budget now anticipates total expenses of $12,305,000 and revenues of $12,612,000 for the fiscal year ending in June. The city continues to maintain reserves well in excess of its goal of 20 percent of annual expenditures.

“I am very proud of the City Council and staff as we work diligently in these difficult times to keep the budget strong and balanced,” said Mayor Kevin Romick, “We continue to manage a tight budget while offering effective and efficient services to our residents.”

The report also included an updated 10-Year Plan. Through continued guidance from the council, coupled with adherence to the city’s financial policies, operations can remain balanced over time.

“While there is some improvement in the economy overall, and in Oakley,” said Finance Director Paul Abelson, “these remain difficult times, and the city will continue its disciplined approach to navigate them responsibly.”

Acting as the successor agency to the Oakley Redevelopment Agency, the council also approved a midyear financial status report, which includes a summary of the Feb. 1, 2012 assets, debts and other obligations of the Successor Agency, and a brief summary of the initial impacts of the elimination of the Oakley Redevelopment Agency. Both midyear reports can be found on the city’s website, www.oakleyinfo.com.