City Spends $9.2 Million On Woolsey Fire and Flood, FEMA Expected To Cover 90%
Written by 991KBU on March 15, 2019
Damages from the Woolsey Fire … and the subsequent flooding caused by debris flows … will cost the city bank account about a half million dollars.
The federal government and the state will reimburse about 94 percent of that.
It cost the city 9 point 2 million dollars … spent on an emergency basis after the fire and floods.
City Manager Reva Feldman said yesterday that the City has submitted reimbursement requests to FEMA … the Federal Emergency Management Agency … for 90 percent of that … about 7 point 8 million dollars.
If accepted by the Trump Administration … that would cover 90 percent of the city’s emergency response.
State taxpayers will pay nearly 6 percent.
The City would be responsible for the remaining 4 percent … which totals approximately $500,000.
Feldman has already calculated that the city will lose about three quarters of a million in property tax revenue due to fire destruction.
Add it up … and that means a 1 and a quarter million dollar withdrawl from the city bank account.
Malibu has in excess of 26 million dollars in cash reserves … according to the most-recent budget report.