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Monrovia In Better Financial Shape Than Predicted

Monrovia is in better financial shape than expected - by $2.03 million - according to a budget update (https://is.gd/rKGXlJ) that will be presented to the City Council at its next meeting (https://is.gd/w71JZL).

The staff report says:

Due to a variety of factors, the General Fund is expected to close the Fiscal Year 2020-21 significantly better than originally anticipated. When the Fiscal Year 2020-21 Budget was originally approved in August of 2020, at a critical time during the pandemic, City Council utilized a conservative budget approach to prepare the City for the uncertainty of the negative financial impacts of the pandemic, the potential for new business closures, and the impacts of stay-at-home orders. In addition to conservative budgeting, the original Fiscal Year 2020-21 Budget incorporated expenditure savings measures, such as staffing vacancies, adjustments to maintenance and operations budgets, and savings from renegotiated vendor contracts. To ensure sound financial management throughout the pandemic, staff monitors the budget regularly as the City cautiously navigates the financial impacts of the pandemic.

The General Fund’s estimated surplus of $2.03M can be attributed to higher than expected revenues, most notably sales tax, Redevelopment Residual Property Tax Revenue, and hotel tax. Additionally, staff’s diligence in managing costs has also contributed to the overall savings. The General Fund was originally expected to close the year with a deficit of $663,201.

- Brad Haugaard


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