12-20-1994 - Final FY 1994/95 BudgetCity of West Covina
Memorandum,
TO: City Council AGENDA
ITEM NO. K- la
FROM: James E. Starbird DATE, December 20, 1994
City Manager ® PRINTED ON RECYCLED PAPER
SUBJECT: FINAL FY 1994-95 BUDGET
SUMMARY: The City Council will consider the adoption of the Fiscal Year 1994-95 Final
Budget.
I am pleased to submit to the City Council the Fiscal Year 1994-95 Final Operating and
Capital Budgets for the City of West Covina and the West Covina Redevelopment Agency.
For Fiscal Year 1994-95, the City's Operating Budget is $47,158,010, the Redevelopment
Agency's Budget is $8,858,850 and the Capital Improvement Program Budget is $6,002,787
for a total combined FY 1994-95 Final Budget of $62,019,647.
On July 19, 1994, the City Council adopted a preliminary Budget which consisted of the
City's Operating Budget, the Redevelopment Agency Budget and certain elements of the
Capital Improvement Program Budget. The Final Budget incorporates Council's actions to
reduce the budgets of Maintenance Districts 6 and 7 by $25,085 and $19,666, respectively, for
certain personnel and administrative overhead charges. It also reflects the full amount of the
$350,000 Proposition C payment to the Redevelopment Agency pursuant to the Park and Ride
Agreement with the Plaza, the County Meals Program ($131,520), and all Capital
Improvement Projects. As in 1993-94, the BKK Augmentation Fund will continue to collect
business license tax from the landfill in excess of the amount used to balance the General Fund
($2.2 million in 1994-95).
A review of the Budget process and the key elements of the Budget are provided in the City .
Manager's Budget Message contained in the Budget document. I would like to encourage you
to read the Budget message as it provides an overview of the City Council's policies and
priorities as reflected in the FY 1994-95 Final Budget.
The fiscal pressures placed on the City will continue into the foreseeable future. The course of
action taken by the Council to address the City's financial future is commendable. The
FY 1994-95 Final Budget reflects this direction as appropriations in the City's General Fund
are 6.3 % less than in the FY 1993-94 Amended Budget. Adjusted for inflation, the General
Fund has experienced a decrease of 8 %. With the City's General Fund experiencing a decline
in purchasing power, the challenges of meeting the needs of West Covina will require the City
Council and staff to continue working hand -in -hand with residents and the business
community.
RECOMMENDATION:
It is recommended that the City Council adopt the Final FY 1994-95 Annual Budget as
presented.
Jails/E. Starbird
Citk Manner
/gmh
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