By Imani Tate

Posted: 06/12/2013 04:39:39 PM PDT
Updated: 06/12/2013 04:39:50 PM PDT

SAN DIMAS >>The City Council approved a 2013-14 balanced budget of $27.9 million at its Monday night meeting as city staff happily reported the city will bring in $1.1 million more revenue than needed to meet expenditures for the upcoming fiscal year.

The council unanimously adopted the budget which increased general fund reserves to $21.5 million and maintained municipal services and staffing. Although one disgruntled resident demanded council members spend the money rather than maintain a significant cash reserve, Councilman Jeff Templeman got affirmative nods from his council peers when he warned of the danger of any city not having “money in the bank.”

Assistant City Manager Ken Duran pointed out the amount kept in cash reserves represents 86 percent of the total budget and therefore helps maintain the city’s financial solvency. General fund revenues – money that the council has total discretion on how it is spent as opposed to special funds which are restricted to specific or restricted uses – will be about $19 million next year, an increase of $1.1 million from 2012-13. The revenue increase is partly due to one-time savings and new revenues, including $350,000 in extra money generated by the council’s decision to increase the transit occupancy (hotel) tax from 8 percent to 12 percent.

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