Claremont City Bolsters General Fund Reserve With Surplus Savings

Press release from the City of Claremont:

October 28, 2020

At its October 27 meeting, the City Council voted unanimously to allocate a $312,887 General Fund surplus from the last fiscal year to the City’s General Fund Operating and Environmental Emergency Reserve. Last year the City Council adopted a conservative budget that included $1.2 million in cuts. At last night's Council meeting, City staff announced the surplus was due to additional savings in budgeted expenditures and higher than estimated revenue.

“We anticipated a significant impact on our 2019-2020 budget from the COVID-19 pandemic. This surplus is a testament to the value of our businesses, the strength of our community, and the adaptability of our employees,” said Finance Director and Acting City Manager Adam Pirrie.

The surplus funds will be immediately added to the City’s General Fund Reserve. City finance staff will continue to monitor the budget over the next quarter and provide another budget update to City Council at its mid-year budget review in early 2021.

For more information on the City Budget, please visit www.claremontca.org/budget

This press release was produced by the City of Claremont. The views expressed here are the author’s own.