Pomona is expected to enter the next fiscal year with a balanced budget and a small projected surplus.
Pomona City Council has approved a budget of $ 141.5 million for fiscal year 2022-23 starting July 1st. The city forecasts $ 141.4 million in total revenue, a 10% increase over last year.
The budget approved June 6 includes a projected surplus of $ 57,536, according to Andrew Mowbray, the city’s finance director.
Taxes on property, sales and utilities now account for 71% of the city’s total fund revenue, reaching $ 100.9 million in 2022-2023, an increase of $ 3.2 million compared to last year.
Property taxes in the next fiscal year will increase by 10%, or $ 4 million, while sales taxes are set to experience an overall increase of 9%, or $ 3.3 million, Mowbray said at the June 6 meeting.
Included in the city’s general fund 2022-2023 is $ 6.8 million from American Rescue Plan, a federal coronavirus relief program that can be used to make up for any loss of revenue. The funds will support police departments, fire departments, libraries and parks, recreation programs and more. The budget also allocates $ 300,000 in ARP funds for the Civic Center Plaza rehabilitation project.
Another notable split in 2022-2023 is the $ 11 million increase set for pension liabilities at the Police Department. Overall, the department expects to spend $ 72.9 million next fiscal year.
The Neighborhood Services Office will see an increase of about $ 1 million to fund new youth programs in the city. In total, $ 1.3 million will be allocated to the library for youth programming.
Nationwide, funding for youth programming amounts to $ 30.2 million, which includes services such as after-school programs, park maintenance, and security resource officers on Pomona Unified School District campuses. In fiscal year 2021-22, about $ 20 million was allocated to youth and in 2020-2021 about $ 15.1 million.
Council member Nora Garcia called the gradual increase in funding for young people “wonderful” and something “of which the city should be proud”.
Meanwhile, the city has budgeted for 610 full-time equivalent positions for fiscal year 2022-23, the most funded since 2010 when it had 666 budgeted positions.
The city predicts it will close the new fiscal year with a reserve fund balance of $ 42.9 million – well above the 17% minimum fund balance policy.
As the city stands on financially sound footing, Mowbray warned City Council to make prudent decisions to move forward. Speaking to various consultants, Mowbray said “a recession is possible” in the next 12-36 months.
Here’s how Pomona plans to spend $141.5 million in the next fiscal year – Daily Bulletin Source link Here’s how Pomona plans to spend $141.5 million in the next fiscal year – Daily Bulletin