DB Adopts Budget

Staff Reports

Diamond Bar – Diamond Bar City Council last month adopted a $26 million balanced general fund budget for the coming fiscal year. Considered one of largest budgets in the City’s 26-year history, the budget provides for ongoing operations with no cuts in service levels and an anticipated year-end $1 million surplus.
City Council also approved nearly $20 million for capital improvement expenditures that include $5.7 million to cover projects carried over from the current fiscal year and $4.1 million of City of Industry funds for the Lemon Avenue Interchange Project. The remaining capital improvements outlined in the new budget include three street improvement projects, six traffic management projects, several groundwater drainage improvements, several park and trail enhancements, and the creation of a the City’s first comprehensive sewer master plan.
Also planned for this coming fiscal year is the use of one-time monies acquired from building fees related to the construction of the masterplanned, gated residential community of Willow Heights to replenish reserves in six specific City funds. These monies, which add up to more than $3 million, will help establish new balances or restore funds that have been drawn from over the years in the areas of traffic mitigation, park development, City fleet vehicle maintenance and replacement, equipment replacement, City building maintenance, and the City’s General Plan Update.
In keeping with the City Council’s tradition of managing finances in a prudent manner, the anticipated $1 million fiscal year-end surplus will be deposited into the General Fund reserve, bringing the total to $15 million which translates to 60 percent or six months of the City’s annual operating expenses. The City’s new fiscal year runs July 1, 2015 to June 30, 2016. A copy of the complete budget document is available for viewing at City Hall, 21810 Copley Drive, and on the City website at http://www.diamondbarca.gov/budget.