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Monrovia council adopts budget adjustments, officials say general fund ended the year better than expected
Summary
Council adopted a quarterly budget resolution that reduces projected revenues and expenditures in the capital program, reports a better‑than‑expected fiscal year 2023–24 closeout and sets near‑term budget assumptions for 2024–25; the resolution passed unanimously.
The Monrovia City Council on Tuesday adopted a quarterly budget update and related resolution that adjusts the fiscal‑year 2024–25 operating and capital budgets and reflects preliminary audited results for 2023–24.
Administrative Services Director Buffy Bullis told the council pre‑audit figures show the general fund closed fiscal year 2023–24 roughly $1.3 million better than the revised budget. Bullis said the improved result reflected vacancy savings and underspending in operations; the staff report also noted the fiscal closeout included the city’s $6 million acquisition of 324 Myrtle Street.
For the current fiscal year 2024–25 the council approved adjustments that reduce projected revenues by about $4 million and reduce expenditures by approximately $13 million citywide, mainly reflecting capital projects that staff now expect to roll into future years. The staff presentation listed a $1.5 million estimated general fund deficit for 2024–25 under current assumptions; Bullis emphasized the city’s multi‑year fiscal planning, reserve policies and prior contingency work that staff said position Monrovia to respond if economic conditions weaken.
The council heard a CIP status update: staff said Canyon Park repairs and several other large projects are nearing completion, while 29 other capital projects will continue into future years. The presentation noted a $173,000 reduction in Measure K revenue projections and recommended rolling certain CIP budgets forward as project timelines shifted.
Council adopted the resolution by roll call (vote recorded as yes by all members present). Staff said the audit is nearing completion and that a final audited financial report will be returned to the council; staff also said they will bring further budget study sessions in advance of the two‑year budget process.
Why it matters: the adjustments align the budget with current project timelines and revenue estimates and preserve flexibility for the city to manage reserves and debt while major capital projects continue through 2025 and beyond.
Clarifying details: staff reported general‑fund outperformance of about $1.3 million versus the revised 2023–24 budget; the estimated 2024–25 general fund deficit was stated as roughly $1.5 million under current assumptions; the CIP adjustments include a $13.2 million decrease in expenditures for projects delayed into future years.
