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Council Could Adopt Fiscal Year 2024’s $1.2 Billion Budget on Monday

Published on Monday, June 5, 2023 | 4:00 am

The City Council will consider adopting the 2024 operating budget and a resolution determining the amount of the annual transfer from the Light & Power fund.

“The FY 2024 Operating Budget was developed with the intention of moving the City beyond pandemic recovery and normalizing into a steadier state,” according to a City staff report. “While remaining cautious of the economic uncertainty that suggests a potential for recession or periods of slow to no growth, the City continues to budget for priority services and initiatives, infrastructure needs, long term liabilities, and workforce development.”

The City put forth a proposed $1.2 billion operating budget for fiscal year 2023-2024. 

This marks the first time the City’s budget has surpassed the $1 billion mark. According to a City staff report, adjustments were made to the police, housing and fire department budgets. 

Last year’s budget was $955.7 million.

The increase in the overall budget, which includes both the operating and capital improvement budget appropriations, came largely due to $181.4 million of Los Angeles County Metropolitan Transportation Authority Measure R funding awarded in February 2023 for mobility improvement projects. 

Additionally, the water and power utilities fund has increased by $40.52 million, primarily due to the cost of procuring and producing both electricity and water. 

The City’s refuse fund has also increased by $4.5 million, largely due to increased disposal costs and the procurement of refuse vehicles. 

The city’s General Fund increased to $323.2 million up from $295.9.

The City’s General Fund is the primary operating fund of the City. The fund is supported by a variety of revenue sources including taxes, license fees, permit fees, charges for services, fines, forfeitures, investment earnings, rental income and a variety of other miscellaneous sources, according to the City’s website. 

The City’s Budget allows the City to provide services and amenities to its residents, according to the letter, which also said the recommended budget was developed with an expectation that the demand for programs, services, and events will continue to increase and some revenues continue to show solid growth due to both inflation and a relatively healthy local economy. 

Other fund increases include $2.38 million in rental assistance funding, $3.78 million in Public Health programming funds, and $1.69 million in transportation special revenues.  

The roughly $27 million in estimated growth in the General Fund is larger than normal and reflects increases in some key areas. 

Property tax revenue has increased almost $10.0 million for FY 2024, bolstered by a $2.8 million increase in Successor Agency tax revenue from the payoff of a pass-through agreement related to the dissolution of the City’s former redevelopment commission. 

Staff is recommending that the City Council adopt a resolution transferring approximately 6.25 percent of estimated gross revenues, or $13 million in its annual Light & Power Fund.

Every year money is transferred from the Light & Power Fund to the City’s General Fund.

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