While the final numbers won’t be in for several months, the outlook is positive for the City of Turlock which doesn’t anticipate needing to dip into reserves for the 2013-2014 fiscal year as revenues exceed expenses by just over $1.35 million.
“We are confident we will be in the black,” said City Manager Roy Wasden, who noted that specifics will not be available until an audit the city is presently undergoing is completed in upcoming months.
While Wasden admitted that the present is “certainly not the roaring economy it was in 2006,” three factors have contributed to the City of Turlock’s current healthy economic state: property sales tax, increases in sales tax, and controlled spending. An increase in employment has also been beneficial.
As of September, Turlock’s unemployment rate was 7.3 percent, over 2 percent lower than the Stanislaus County average of 9.7 percent. Couple this with the revitalization of the downtown and the southern expansion of Monte Vista Crossings and Turlockers are not just working, they are spending.
“There has certainly been an upswing in economic activity with more projects taking place and more people shopping,” said Wasden.
In turn, the City’s bottom line appears promising according to the 2014-2015 adopted budget which anticipates having $828,010 total revenue over expenses. With a forecast savings of over $1.1 million in the 2015-2016 year, Wasden said the City is striving for a healthy budget to continue the present trend.
“The organization is very frugal. If they can avoid expenditures, they will,” said Wasden.
There is still one area of concern though — the drought and its impact on local businesses.
“The drought is a big concern because of all of the agricultural and processing companies in the area,” said Wasden.