P.G. Financial Problems More Serious Than Thought

Pacific Grove’s financial problems are more serious than originally thought, said the city manager, who added that services and city jobs might have to be cut to fix the problem.

City Manager Jim Colangelo initially projected that the general fund would fall short by about $700,000 in the 2007-08 fiscal year. But he said late last week that the city will run out of money during the second half of this fiscal year if cuts aren’t made soon.

Colangelo said he will soon recommend new sources of revenues, possibly including funds from sales tax initiatives, increasing hotel or property transfer taxes and more parking meters.

PG Financial Problems More Serious Than Thought