The Rosemead City Council got its first look at the city’s proposed 2013-14 fiscal year budget at its Tuesday night meeting.
The city is looking to have a balanced budget without having to reduce expenditures and employees employees, according to a report presented by City Manager Jeff Allred, with the general fund being “very healthy.”
The city is projecting $17.7 million in expenditures, Allred said, with $17.8 million being taken in by the city. However, that extra money is to be taken up in revenue transfers.
“We definitely have a balanced budget, but no surplus, essentially,” Allred said. “We balanced the budget very tightly. The good news is here our reserves still remain high.”
The news of a balanced budget was applauded by the council.
“It’s wonderful to have a balanced budget in these economic times,” said Council Member Margaret Clark.
In other council news:
The council voted to approve extended for two years the current agreement with Wildan Engineering for building and plan check services. The council, however, is hoping to open the building and plan check services contract to the general bidding process.
The council voted to amend the public works department budget as it was determined a change in the department’s funding formula was necessary.
The council and the Rosemead Housing Development Corporation voted to approve funding for the implementation of the city’s owner-occupied rehabilitation loan program and mortgage assistance program.
In addition, the city council voted to implement its amended investment policy that best reflects current investing conditions.