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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 an overall expenditure surplus of about $5.9 million due to vacancies across departments. Daley said general-fund operating revenues were projected to come in about $1 million under budget, primarily from decreases in utility users and plan-check and inspection fees; expenditures were projected to be about $4.8 million under budget largely from salary savings related to 154.1 full-time-equivalent vacancies.
Daley described Measure SST as "a lifeline to the city," saying it generates just over $25 million and funds roughly $12 million in staffing for police and fire. He said about $1 million supported homelessness and cybersecurity initiatives and that $8.6 million was committed in FY 2024–25 to the city's capital-improvement plan for community buildings and parks. Daley also noted the city identified ongoing funding gaps and will continue budget-cycle discussions to address structural capital needs.
Council members praised staff and the use of SST funds to maintain public-safety equipment, vehicles and recruitment efforts. Councilwoman Claudia Lewis emphasized that SST allowed the city to keep and expand critical public-safety programs and to retain financial expertise when a prior finance director stepped down.
A public commenter criticized police staffing levels in remarks during the public comment period; the council did not take action on that comment, and the committee recommendation to accept and file the reports carried unanimously.
