Corona Aims for Long-term Fiscal Sustainability with a Balanced Budget
For Immediate Release
June 7, 2018
CORONA AIMS FOR LONG-TERM FISCAL SUSTAINABILITY WITH A BALANCED BUDGET
CORONA, CA– The City of Corona is leading the way in transformational government by utilizing the tools of business to run city operations with efficiencies and performance measures.
“With the steep rise of pension obligations for all PERS member agencies, nearly all of our surrounding cities have taken the route of a sales tax increase as a solution, but Corona has chosen a different path,” said City Manager Darrell Talbert. “Like so many communities up and down the State, Corona had also contemplated a sales tax measure for the November 2018 ballot, to bridge the projected budget shortfall; however, we are proud to share that we have eliminated our ongoing structural deficit through an ongoing commitment to operational efficiencies and prudent financial discipline that better prepares the City for long-term financial health.”
All City departments will continue to meet the demands of the community for their service needs, while managing within budgetary constraints by utilizing strict financial discipline that ensures fiscal accountability and transparency for our residents and tax payers. City leaders fostered an innovative approach toward the more typical municipal financial processes by implementing ‘zero-based’ budgeting; aligning employee benefits with those in this region; eliminating of vacant positions; strategically enhancing the investment objectives of idle reserve funds; and many other cost-saving measures. Through this strategic approach, the City Council was able to unanimously approve a balanced budget for Fiscal Year 2018-19 at the Wednesday, June 6 City Council Meeting.
In addition to budget cuts, new revenue streams have been made possible through the concerted efforts of dedicated city staff. A few of these revenue highlights include creating new Temporary Occupancy Tax (TOT) relationships; expanding franchise agreements; and investing in economic development attraction and retention programs resulting in unparalleled growth in jobs, market absorption, and an overall strong business climate in Corona. With the cost-saving measures the City has adopted this past year, coupled with new and enhanced revenue streams, the City is now able to contribute additional funds toward the unfunded pension liability, which advances Corona’s financial well-being and long-term sustainability and affirms we are able to keep our pension promises to current as well as already retired Corona employees.
“This budget season was particularly difficult, and we are thankful for the departmental collaboration and cooperation across the board, that allowed us to achieve positive results,” said Talbert. “Much thanks to the citizens of Corona for their participation and input in this year’s budget process and our amazing team of City employees who remain committed to making great things happen for the public they serve.”
About the City of Corona: Corona is located adjacent to Orange County California at the junction of the 91 and 15 freeways with a population of more than 160,000 residents. For more information regarding the City of Corona visit www.CoronaCA.gov.