Revenues look good, La Cañada Flintridge remains financially stable

While other cities in the county operate on a deficit, La Cañada Flintridge remains financially stable.

Seven months into the fiscal year that began July 1, the city picked up more than $1 million in sales tax revenue — a 5% increase compared to the same time last year. City officials said last week it's a sign that the retail sector is improving after the recession.

“We are actually in a better position for the end of the year because the portion that was up is the tax revenue,” said Finance Director Daniel Jordan, “and that is back-loaded into the second portion of the year.”

Overall, this year's budget was slightly higher because of better economic conditions.

The city is running on an annual budget of $11 million, with an estimated $13.2 million in fiscal reserves.

This year, officials predict even more revenue from sales and property taxes. The general fund revenue budget is expected to increase by $63,775.

The city received about $3.6 million in General Fund revenues during the first half of the fiscal year, about $7,000 less than during the same period the previous year. Because of the fluctuation and timing of payments, the amount is “essentially unchanged,” said Jordan.

The city also spent less money than originally planned this year on items such as the city's General Plan update. The plan, which was approved in January, cost the city $97,500. It was initially budgeted at $111,500.

Overall, the city slashed $27,300 from its expenditure budget.

Although city finances are in good shape, requests for new projects like home remodels are not on an upswing, said city Director of Community Development Robert Stanley.

“We do have people inquiring about projects,” he said. “One could be a fairly big project. Depending on when they come in … that will make a difference. Right now, it's kind of flat and staying steady.”


Follow Tiffany Kelly on Google+ and on Twitter @LATiffanyKelly.

Copyright © 2019, La Cañada Valley Sun
EDITION: California | U.S. & World