For the current fiscal year, the city has forecast a $2.5 million budget surplus — a far cry from the $45 million budget shortfall that was projected when the city entered bankruptcy in 2012.
"The grueling and deep cuts we all experienced are in the rearview mirror of San Bernardino's history," Mayor John Valdivia said.
Officials said the city of 220,000 people some 60 miles east of Los Angeles is now in a much better financial position and has been tackling street paving and tree trimming projects and hiring much-needed staff. For the current fiscal year, the city has forecast a $2.5 million budget surplus — a far cry from the $45 million budget shortfall that was projected when the city entered bankruptcy, the statement said.
A decade ago, San Bernardino was in tough financial straits thanks to weak property and sales tax revenues, rising pension costs and a decline in state redevelopment funding. It went into bankruptcy amid an unprecedented wave of cities doing so, including Vallejo, California, and Detroit.
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