At its next meeting the Monrovia City Council (agenda here) will ...
~ Consider adopting a two-year deficit budget for fiscal years 2023-25. "Overall," the staff report says, "the city’s finances remain strong and continue to show growth and stability," and, "While deficits are proposed in both years, staff will closely monitor the budget and adjust accordingly throughout the year during quarterly budget updates, as needed." Some recent accomplishments:
- City's cash and investment balances grew by $18 million (55%) in the last fiscal year.
- Overall net position increased by $74 million, reaching approximately $61 million.
- City's credit rating upgraded from AA to AA+ in June 2022.
- Historically deficit funds, like Worker's Compensation Fund, now have a positive balance after 20 years.
- $5.3 million set aside in fiscal year 2022-23 to address CalPERS and OPEB obligations.
- Paying down employee leave liabilities reduces overall liabilities, reflects positively in financial statements, and saves money over time. Details.
~ Hold a study session on an "Auto Repair Operations Ordinance" Tuesday at 6 p.m. Details.
~ Hold a public hearing for property owners to comment on financing for the proposed 2023-2024 Citywide Lighting and Landscaping Maintenance District (details) and the proposed 2023-2024 Park Maintenance District (details).
~ Consider proclaiming June 18-24 as National Mosquito Control Awareness Week (details) and July as Parks Make Life Better Month (details).
- Brad Haugaard
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