City reports $34 million surplus thanks to utilities

Palo Alto City Hall, 250 Hamilton Ave.
Palo Alto City Hall, 250 Hamilton Ave.

The city of Palo Alto’s Comprehensive Annual Financial Report for the fiscal year ended June 30, 2020

Daily Post Correspondent

Despite the Covid-19 pandemic, the city of Palo Alto posted a $34.1 million surplus in the fiscal year that ended June 30, according to a new report.

The surplus is due to the city’s “business-type activities,” which are mainly the city’s utilities such as electric, water and gas. The business-type activities ended the year with a $43.5 million surplus. …

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