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La Verne council adopts $103.6 million FY 2024–25 budget; general fund balanced with reserves
Summary
The City Council adopted a $103,577,770 appropriations plan for FY 2024–25, with the general fund balanced and a maintained reserve equal to 25% of general fund appropriations; staff noted corrections to some special- and grant-funded lines that did not affect the general fund balance.
City finance staff presented the FY 2024–25 proposed budget and recommended appropriations totaling $103,577,770 across all funds. The presentation recapped the budget study sessions, Measure LV oversight committee input and a recent cleanup of special- and grant-funded amounts that did not change the general fund’s $49 million figure.
Staff described three corrections after the initial packet: an increase to a federally funded PIDA fiduciary fund due to an entry error, an interdepartmental fund adjustment caused by a special-programs change, and a capital-improvement cleanup for projects awarded late in the prior fiscal year. Finance staff emphasized that these corrections affect internal-service and special-revenue funds rather than the general fund.
The general fund remains balanced using approximately $1.2 million of assigned fund balance while keeping a 25% reserve — above the council’s 20% policy target. Councilmembers thanked staff for the work and noted the budget is a living document that may be adjusted as revenues and expenditures change.
A motion to adopt the FY 2024–25 operating and capital budget passed unanimously among members present (4–0; one member absent). Staff will implement the approved appropriations and continue to monitor updates and bring necessary adjustments to the council.
What this means: The city adopted a balanced plan for operations and capital projects, preserved a healthy reserve percentage, and corrected several non-general-fund figures identified after the packet went to print.
