Eastvale Budget Adopted, 6.5 Million In Reserves

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Staff Reports

EASTVALE – The Eastvale City Council approved to adopt the City’s budget for Fiscal Year of 2018-2019.  The budget is completely balanced. Eastvale will continue with intentionality to invest in the community’s top priorities, while delivering the best quality services to their residents. Understanding the priorities of the community is crucial when developing a budget. Three different workshops were held as part of the budget preparation process.

These budget workshops were held on April 11, April 25, and May 23.  At the April 11 budget workshop, staff presented projections for the current 2017-2018 fiscal year, as well as estimates for the upcoming 2018-2019 budget year.  Also highlighted at the workshop were the Strategic Plan accomplishments to date, the City’s current fiscal reserves, and the financial forecast for the coming year as well as major long-term initiatives for the coming years.

During the April 25 Council Meeting, Staff presented information on the City’s methodology and composition of the Police and Fire contract rates with the County of Riverside. The workshop included information on public safety staffing levels, response times, and other related service statistics as well as what resources can be appropriately allocated to accomplish additional public safety initiatives.

The May 23 budget workshop provided in depth discussion on Council goals and priorities; the proposed operational and capital expenditures; and what resources can be appropriately allocated to accomplish these major initiatives.

Since the City of Eastvale’s incorporation in 2010, the City has delivered a balanced budget year after year while building healthy reserves. The City of Eastvale is proud to deliver a balanced budget again, with an estimated surplus of $6.5 million-dollars for FY 2017-2018. This surplus comes from $4.3 million in Vehicle License Free Adjustment Amount (VLFAA) and $1.5 million in Sales Tax.  Eastvale will also have approximately $35 million in reserves as part of this adopted budget. That kind of reserve is almost unprecedented for an infant City especially with challenges like the end of the “great recession” and losing approximately $19.3M in Vehicle License Fee (VLF) revenue from FY 2011-2017.

The City of Eastvale will continue to strive for excellence in a conservative yet innovative approach to their budget.  The City is also very excited to share that they received a Certificate of Achievement for the FY 16/17 Comprehensive Annual Financial Report (CAFR) from the Government Finance Officers Association. This is the sixth straight year Eastvale has achieved this accomplishment.  Eastvale is now beginning our interim audit for FY 17/18, and the City fully intends to make it seven years in a row.

About the City of Eastvale

The City of Eastvale was founded on October 1, 2010 as an independent local government agency, governed by a five-member, elected City Council.  The City of Eastvale serves over 64,855 residents and encompasses 13.1 square-miles in western Riverside County.  The City is strategically poised between Interstate 15 and California State Routes 91, 60, and 71, making access easy for residents, visitors and businesses alike.  Eastvale is a young and dynamic community filled with economic opportunity, tremendous growth, and strong values.  For more information on the City of Eastvale, please visit: www.EastvaleCA.gov

 

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