The San Luis Obispo city council approved a budget on Tuesday that it hopes will stabilize the city’s long-term fiscal health.
As part of its regular two-year plan, the city reserves $200 million for the 2019-20 fiscal year. It plans to reserve $208 million for the following fiscal year.
The city said in a press release that the multi-part budget plan will safeguard its fiscal standing while funding core services and prioritizing community goals. Those goals include sustainable transportation, climate action and housing.
“Like many California cities, we are faced with rising costs and limited resources,” City Manager Derek Johnson said.
Fiscal and sustainable responsibility and downtown vitality are also essential goals.
“By actively managing the City’s unfunded pension liabilities, revamping business practices and taking a very focused approach to spending, we have tackled a problem that cities are facing up and down the state,” said Johnson.
While the city approved the budget yesterday, it plans to adopt the budget by June 18.
To read further details on the budget, go to the city’s website.