After anticipating a potential deficit of $ 6.8 million, Pomona will enter fiscal year 2021-22 with a balanced budget and a small surplus.
This week, the Pomona City Council approved a budget of $ 121 million for the next fiscal year beginning July 1. The city forecasts total revenue of $ 121 million, an increase of $ 7.9 million from the previous year.
A slight surplus of $ 6,529 is also expected, according to city budget officer Andrew Mobley.
Property taxes, sales taxes, and utilities now account for 73% of the city’s general revenues, totaling $ 88.8 million between 2021 and 2010, an increase of $ 5.2 million over the previous year.
The stronger-than-expected financial outlook is partly funded by the US Rescue Planning Act. The Economic Stimulation Bill gives the city $ 45.37 million, half of which will be received in May 2022. When the US Treasury gives guidance on eligible spending, staff will return to the city council with an ARPA funding plan. In August, Mobley said.
Some of the highlights of this year’s allocation include $ 57.9 million for the city’s police budget, an increase of $ 860,105 from last year. The fire department is also set to receive $ 33.1 million, a difference of $ 2.5 million from its previous budget.
The city’s library services are also expected to increase by $ 47,000 compared to the previous fiscal year, for a total of $ 1.1 million.
City officials in 2022 will be assigned to 585 full-time positions.
The balanced budget shows positive news, but city councilman Steve Rustro warned that the city still needs to be cautious. Pomona survived the storm last year. Higher than expected earnings Received other federal dollars from online sales Coronavirus pandemic, Something the city can’t continue to depend on, Rustro said.
“It should be noted that the difference in the transition from a huge deficit to a basically balanced budget is the result of one-off funding,” Rustro said on June 1. .. “
Other sources of income that are expected to roll in next year are in the city Cannabis program, It shows revenue from business licenses and sales tax. The city expects the first legal cannabis store to open later this month, with two more stores opening this summer and a fourth and final store by the end of 2021.
Pomona overcomes $6.8 million deficit to balance budget for 2021-22 – Daily Bulletin Source link Pomona overcomes $6.8 million deficit to balance budget for 2021-22 – Daily Bulletin