In May, West Covina officials forecasted a $7.9 million deficit for the 2008-09 budget year.
But after slashing each department’s budget by 5 percent, along with restructuring, suspending police officer signing bonuses, pre-paying employee retirement contributions and a few other shifts, the finance department now predicts a $2.12 million deficit.
Oh yeah, and one more change, too. While the city began the 2007-08 fiscal year with a balanced budget, the deficit is now predicted to be in the $4 million range.
More to come after tonight’s meeting.