After several years of COVID-related impacts, Fiscal Year 2022-23 marked the return of more typical City of La Mirada operations. A recent mid-year budget review revealed that City finances have continued to hold strong. Total General Fund revenues are projected to be $48.71 million and expenditures are forecasted at $42.65 million yielding a budget surplus of more than $6 million. Most revenue sources are meeting expectations and expenditures are less than planned.
La Mirada’s property values have grown in recent years, including an increase of 7.4% last year, and the total City-wide assessed valuation is $8.45 billion. Property tax revenue remains among the City’s most stable revenue sources and is forecasted to be $8.85 million. Sales tax revenue is conservatively projected at $12.47 million. Brick-and-mortar retail sales, online purchases, and the business-to-business sector continue to be positive contributors to the sales tax base. Hotel tax revenue has also rebounded considerably.
Community Services programming and Theatre productions continue to be popular. The Theatre’s recent production of Grease was the second-highest revenue generating show in its history. Splash! La Mirada Regional Aquatics Center generated $3.8 million due largely to admissions to Buccaneer Bay. Total program revenue from City recreational and cultural activities is expected to reach $11.13 million.
“The City remains committed to its prudent fiscal management practices and conservative forecasting,” says City Manager Jeff Boynton. “Given recent economic challenges, we are pleased the City’s finances remain sound.”
The City has continued efforts to update its infrastructure with special attention given to maintaining local streets and roads. La Mirada’s current pavement management index received a high rating due to extensive improvements to neighborhood streets completed in recent years. Total capital improvement expenditures are expected to reach more than $16.5 million. Projects include residential street improvements in the neighborhood north of Biola University, energy conservation and efficiency upgrades at City facilities, and various improvements at City parks and facilities.
“Budget savings will be set aside for future community projects and to further reduce City liabilities,” says Finance Manager Melissa Pascual. “The City has sufficient savings available to provide programs and services should the need arise due to changing economic conditions.”
For more information on the City’s budget, call City Hall at (562) 943-0131 or visit cityoflamirada.org.
