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Posted on October 31, 2018 at 2:26 PM by Maggie Le
On October 2, the City Council received an update on the City’s year-end revenues and expenditures for 2017-18. The General Fund’s available operating surplus was approximately $500,000 better than projected largely due to better than expected property tax and sales tax revenues including Measure HH revenue. Measure HH revenue amounted to approximately $11.7 million and was used in accordance with the Responsible Spending Pledge. The Oversight Committee will review the unaudited amounts on November 8, 2018 and will review the auditor’s report in January 2019. The City Council also reviewed the City’s Pension Funding Strategy and the updated 20-Year Financial Plan where the goal is to have all debt paid off in 2037 and to have a balanced operating budget when Measure HH sunsets. The City of Fountain Valley is on a solid path towards long-term fiscal sustainability.