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Cupertino Flush With Cash In Down Economy

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Feb 3, 2009 12:00 am US/Pacific

Cupertino Flush With Cash In Down Economy

Kiet Do, Reporting.
CUPERTINO (CBS 5) ― At a time when other cities are millions in the red, Cupertino has cash reserves in the neighborhood of $15 to 20 million. The city has no plans for layoffs and crime is down.

Property taxes did not take a hit because housing prices have dipped only five percent. Apple, which is based in Cupertino, posted huge profits last year. Large construction projects such as the Mary Avenue footbridge are done and off the books.

Mayor Orrin Mahoney credits smart investing, good planning and a little luck.

Nearby cities are not looking as good financially. Palo Alto is expected to have a nearly $6 million deficit, while Fremont is $11 million in the red. Milpitas, however, has a balanced budget.

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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