Mid-Year Review Shows Improvement for La Mirada City Finances
The City Council recently reviewed its annual mid-year budget report. The report showed an improving economy as key revenue sources remain stable with some expected to exceed budget estimates. Overall, General Fund operating revenues for the current year are expected to reach $43.8 million, which is $2.1 million over the budgeted amount. General Fund operating expenditures are projected at $30.9 million, which is slightly below the budget. These figures do not include fund transfers for capital improvement projects. The estimates reflect ongoing efforts to manage costs even with conservative budgeting.
The mid-year report also emphasized the City’s continued commitment to maintaining public safety as a top priority and ongoing investment in local infrastructure. At mid-year, Measure I revenues were $2.22 million. Revenues are projected to reach $6.10 million at year end, an increase of $425,000 or 7.48 percent above the conservative budget estimate. This funding source is used for neighborhood infrastructure repairs, and the third phase of improvements is currently in progress. The one percent Measure I sales tax ends on March 31, 2018.
“The City continues to budget conservatively and revenues have fortunately continued to meet or exceed the figures forecasted,” says City Manager Jeff Boynton. “City staff works to keep costs low while ensuring local services meet the community’s needs.”
The City is beginning to prepare its Budget for the 2017-18 Fiscal Year, which begins July 1.