Monrovia's assets up, liabilities down

Monrovia's Annual Comprehensive Financial Report for the fiscal year that ended June 30 shows the city has more assets and is reducing its debt.

The city closed the year with a net position of $74.79 million (total assets minus what it owes). That’s up $26.90 million from the prior year. Total assets alone increased $25.90 million, or 9.6 percent. The General Fund, the city’s main operating fund, ended the year with a $24.84 million balance.

Property tax revenue rose by $1.07 million and hotel occupancy tax increased by $0.97 million.

Further, the amount of money the city owes for pensions declined.

And Monrovia’s auditors, Lance Soll & Lunghard, LLP, has issued an unmodified (“clean”) opinion on the city’s financial statements, meaning they believe the statements are accurate and follow accounting standards.

- Brad Haugaard