Del Mar economy appears to be on the upswing

Del Mar Mayor Richard Earnest

By Marlena Chavira-Medford
Staff Writer

During the Monday, Nov. 15 Del Mar City Council meeting, city treasurer Teresa McBroome presented the fiscal year 2010-2011 first quarter financial report, which showed some early signs of an economic upswing.

The general fund is higher than estimated thanks to the city’s efforts to cut corners and bolster revenues last year. In fact, for the fiscal year 2009-2010, general fund revenues came in $634,602 more than anticipated — and expenditures were $188,676 lower than expected. That means the city is starting this year with more money in its general fund reserve. Though the numbers still have to be audited before they can be finalized, preliminary calculations for the general fund reserve are at $3, 354,426. That’s $ 1,070,365 more than the city initially anticipated.

“It’s nice not to see as many minuses in front of us,” said Mayor Richard Earnest, calling the report “good news.”
Property tax continues to be the city’s strongest and most stable source of revenue, with that accounting for more than $3 million in revenues last year. For the third year in a row, Del Mar had the county’

s highest increase in assessed valuations.

Transient occupancy tax (TOT) was another strong revenue source, accounting for more than $1 million. This July, in fact, the city saw its highest receipt of TOT in 10 years. Councilmember Crystal Crawford said she’

s heard stories backing up those numbers.

“I’ve certainly been hearing anecdotally from some of the restaurateurs and hoteliers about how the last couple of years have been good to them and, in particular this year, I’ve had a couple of people tell me it’s been their best year ever,” she said.
McBroome said another sign that Del Mar’

s on the rebound is that the second quarter of FY 2010 was better than the second quarter of FY 2009, with the city seeing an 11 percent jump in economic activity, most of that coming from restaurants.

Though the “economy is still recovering and not yet on solid footing,” McBroome said the preliminary data is reason for the city to remain “cautiously optimistic.”

In other news:
Committee appointments
George Webb was appointed to a four-year term on the Energy Issues Advisory Committee, which will end November 2014. Barbara Mandel Pache was appointed to a four-year term on the Parks and Recreation Committee, which will end November 2014.

Related posts:

  1. Del Mar feels effects of weak economy
  2. Replenishing reserve: Officials hope parking meters will regrow fund
  3. Del Mar faces realities of next two-year budget
  4. City of Del Mar ready to ‘ride out the storm’
  5. Tourism feels slow economy

Short URL:

Posted by Lorine Wright on Nov 18, 2010. Filed under Carmel Valley, Del Mar, Featured Story, News, Solana Beach. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply



Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6



  • Berkshire Hathaway HomeServices’s La Jolla office tops in real estate sales volume for first half of 2014
    Berkshire Hathaway HomeServices reported its La Jolla office was No. 1 for sales production through the first half of the year, out of the company’s North American network of offices. The results point to another year of dominance for the La Jolla office, which has ranked No. 1 nationwide for nine of the last 11 years. […]
  • House of Week; 329 Bonair Street #4
    Buy The Sea! 3 bedrooms, 3 full baths. Just a 1/2 block to famous WindanSea Beach. Watch for the green flash in the sunset from one of 5 balconies. Over 1350 sq ft. Great separation of bedrooms. Marble living room fireplace. Skylights. Dual pane windows. Gas range. Two-car tandem garage off alley. Offered at $995,000 […]
  • What were the odds?
    I think we’d all agree that no one should have to worry about being run over by a motor vehicle in their own shower. I’m a world class worrier but until it almost happened, it never occurred to me to worry that a stolen car would crash through our front fence and stop inches from joining me in the master bath. This wasn’t recent, fortunately, but it comprise […]