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Rosemead midyear report shows projected surplus amid rising property-tax and permit revenue
Summary
Finance Director Brian told the council the city is projecting a year‑end General Fund balance of roughly $38.3 million and a surplus driven by stronger-than-expected property and permit revenues; councilmembers asked for clarifications about department spending rates and the timing of insurance payments.
Rosemead’s finance director presented a midyear update showing the city on track for a surplus and stronger-than-expected tax and permit revenues. During the presentation, Finance Director Brian highlighted an estimated year-end General Fund balance of about $38.3 million and said estimated tax receipts were projected to exceed the approved budget by roughly $225,000.
"Overall, we're currently projecting a surplus," Brian said in the presentation and walked through five-year trends for major tax categories and building-permit revenue, which the staff estimated could near $3.4–3.5 million this fiscal year. The report noted spending across departments is generally in line with expectations, with the city roughly halfway through the fiscal year for many categories.
Council members used the Q&A to press for details. Members asked why the City Clerk's office showed higher spending through the midpoint; staff explained that several insurance payments (property, liability, cyber) are paid annually in July, which produces a front‑loaded expense in that line item. The council also discussed how permitted accessory dwelling unit (ADU) production is increasing assessed values in the city and thereby raising property-tax receipts.
Councilmember Shantang Dang commended the finance team for revenue growth and suggested the council consider longer-term strategies to encourage additional housing-unit conversions or adjustments to apartment unit mix that could boost housing inventory and assessed values.
The council received and filed the midyear report; no substantive budget amendments were adopted at the meeting. Staff said they would continue to monitor revenue trends and present additional details if projections change.
