Greetings –
Among my favorite responsibilities as City Manager is implementing our City Council's commitment to prudent financial decision-making and ensuring strategic budget policies are in place for the well-being of the City of Temecula.
Did you know the City of Temecula has established a budget policy that requires 20% of Operating Expenditures be set aside into “reserves” for economic uncertainty, with an additional 5% of Operating Expenditures appropriated into a Secondary Reserve?
Overall this Reserve fund shall be utilized under specific circumstances such as a major disaster, a significant loss in revenue, or for large and unexpected expenditures. Due to careful planning from the City’s budget team, the reserve fund has remained untouched -- even during the COVID pandemic -- due to the resilience of our local economy and fiscally conservative nature of the City of Temecula. By 2024, Temecula’s reserve balance will reach nearly $24 Million. Residents of the City of Temecula can be certain they have invested in a City that plans for today, tomorrow and well into the future.
Starting in July, which is also the start of our adopted Budget for Fiscal Year 2023-24, I plan to share monthly behind-the-scenes budget news on the City’s social media platforms, and I hope you follow along @CityofTemecula.
-Aaron Adams, City Manager
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