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Torrance council accepts annual financial report and credits Measure SST for budget stability
Summary
Council accepted the annual comprehensive financial report for FY 2023–24, approved midyear program modifications and highlighted Measure SST’s contributions to staffing, homelessness work, cybersecurity and capital improvements.
The Torrance City Council unanimously accepted and filed the city's annual comprehensive financial report for the fiscal year ended 2023–24, approved the fiscal 2024–25 midyear budget review and approved proposed midyear program modifications.
Ian Daley, the city's finance director, told the council that, as of Dec. 31, 2024, the general fund was projected to improve by about $14.6 million, driven in part by a $9.4 million contribution to the city's pension pre-funding trust and…
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