City’s finances remain strong, report says | News

The City of Fontana remains in good shape financially, according to a new report.

In her 2022-23 first-quarter budget report during a City Council meeting in October, Chief Financial Officer Jessica Brown said the general fund balance was $47.8 million at that time, but a proposed revision of $9 million raised the balance to $56.9 million.

“Revenues performed better than expected and our expenditures came in lower than budgeted,” Brown said.

She said that the fund balance is one of the most important indicators of a city’s financial health.

“It not only reflects the responsible financial planning that has taken place, but also the city’s ability to weather any unstable economic conditions that may arise in the future,” she said.

Fontana has been in a favorable position for several years, as seen by the way the city has been able to build up plenty of reserves through its “past and present stewardship,” she said.

Brown said that in October the current reserve balance for contingencies was $18.1 million, and the city increased it by $4.7 million to $22.9 million. There was also $9 million in the economic uncertainty fund.

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