City Adopts Budget, Aims to Improve Fiscal Efficiency

At long last, San Marino has a budget.
After an extra two months of work on the document, several City Council meetings that tested officials’ mental energy and patience, and focused looks at departments and fiscal strategies, it is the first step the city is taking to usher in a new era of financial scrutiny and disciplined planning. Officials were at times not overly enthusiastic about the approved budget, but acknowledged it was part of a process. Continue reading “City Adopts Budget, Aims to Improve Fiscal Efficiency”

City Council Ensures Capital Projects Funding

The City Council has taken the next step to what will likely result in public works projects becoming the routine for the foreseeable future.
Moving forward, the city will maintain a reserve fund balance of about 40% of General Fund revenues, with any exceeding amount to be transferred to either a Capital Projects Fund or a Capital Equipment Fund. The reserve fund balance will be used only for one-time expenditures in response to unanticipated needs or shortfalls in revenue, and if that happens, the city will plan to rebuild the balance back to the 40% benchmark as quickly as practical. Continue reading “City Council Ensures Capital Projects Funding”