San Gabriel reports sixth consecutive year of positive net change in general fund; reserves rise to 41.5%

Finance Director Kaulahula presented the city's preliminary (unaudited) general fund financial results for the fiscal year ending June 30, 2024, reporting a net increase in fund balance of $4,670,000 and an unrestricted fund balance of approximately $20,431,000. "This is the sixth year in a row that we've had a positive net change in fund balance," Kaulahula said, and noted the city increased its unrestricted reserve percentage from 29.5% to 41.5 percent.

Kaulahula gave itemized figures: general fund revenues of about $53,840,000 against expenditures of $49,173,000. Staff attributed the favorable change in part to lower expenditures and the prior early payoff of a Citizens Business Bank loan in FY 22–23, which reduced interest costs. Licensing and permits were up by $762,000 and charges for services rose by $622,000; the presentation also identified one‑time revenues such as a property sale and workers' compensation reimbursements.

Council members asked whether material expenditures or revenues remained unrecorded; Kaulahula said auditors will review transactions and that some adjusting journal entries and accruals remain to be posted but staff did not expect large changes to the overall results. Council asked which departments produced the largest vacancy savings; staff said police and fire commonly produce the largest vacancy savings though the departments are operating with increased overtime and staffing constraints. Capital projects and equipment totaling about $500,000 will be carried forward into FY 24–25, mostly roofing projects, and staff said the carryovers are not expected to impact core city services.

The presentation concluded with a scheduled audit to finalize numbers and an anticipated presentation of the final audited financial report to council in January.