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Guidelines for Spending Measure K Money; Making Rotary Bandshell Historic Landmark; Monrovia's Economy Is Good

At its next meeting (agenda: the Monrovia City Council will consider ...

~ A set of guidelines for spending Measure K sales tax funds as proposed by the Measure K Citizens Advisory Committee. The guidelines prioritize basic needs, completing one-time projects, leveraging Measure K funds for other funding sources, building reserves, funding ongoing capital improvement projects, and seeking projects with a "payback" or "return on investment".

~ Approving a local historic landmark designation for the Rotary Club Bandshell in Library Park.

~ The Annual Comprehensive Financial Report, which shows that the fiscal year ending June 30, 2022 was marked by growth, stability, and positive financial milestones, according to the report. The city received a credit rating upgrade from Standard and Poor's, its net financial position increased by $74.5 million, and the General Fund had a positive increase of $12.54 million. The city's cash and investment balances increased by 55% over the previous year, and its net liability for pensions decreased by 27%.

~ Because of what appears to be an improving economy, city staff is recommending to adjust its estimate of general fund revenues upward by $434,737 and expenditures upward by $55,803.

- Brad Haugaard

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