Mission Viejo will add to reserves
Mission Viejo’s reserves will be raised by 200-thousand dollars.
The Mission Viejo City Council has agreed to put the projected budget surplus amount into the rainy day fund, bringing its total to 27-million dollars.
Mayor Greg Raths says the reserves consist of 47 percent of the city’s annual budget.
He attributes the surplus money from the booming economy and especially the sale of cars of which the city gets one percent of sales tax revenue from each car sold.
He says the Shops at Mission Viejo has a Tesla store and the mall itself is 99 percent full of vendors.
Raths says the city is also seeing in an increase in property tax revenue from the rise in property values.