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Monterey Park council approves $2.7 million in midyear budget augmentations; staff told to shore up reserves
Summary
Council adopted staff'recommended midyear adjustments including $2,698,232 from the general fund and set direction to bolster catastrophic and working-capital reserves, while staff will use consultant and surplus funds to fund grant matches where needed.
Monterey Park — The City Council unanimously approved midyear budget augmentations and gave staff additional direction to prioritize bolstering the city’s catastrophic and working-capital reserves.
Laura Bourgeon, finance manager, presented the FY25–26 midyear financial report, noting general fund revenue collections at roughly 34% midyear due to timing of receipts and sector-specific timing for sales tax, franchise fees and property tax. She told the council that property tax was up about 5% year-over-year while sales tax has declined about 7%.
Staff recommended general fund midyear…
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