IE Business Daily Business news for the Inland Empire.
Moreno Valley has balanced its books.
The city’s overall budget for the 2019-’20 fiscal year, exceeds $256 million, including $113 million in its general fund, according to a statement.
“Moreno Valley has approved a two-year balanced budget,” the statement reads. “Despite continued takeaways of local funds by the state and increased costs for services provided by Riverside County, the budget is fully balanced.”
The city plans to spend $32.4 million on capital improvements – specifically repairing infrastructure – during the upcoming fiscal year, which begins July 1.
“The City’s tradition of sound fiscal management has allowed us to manage through prior tough times and provides us with a strong foundation,” Mayor Yxstian A. Gutierrez said in the statement. “This coming year we face a turning point as we focus on strategies to keep us on firm fiscal footing and continue to lay the groundwork for a bright and sustainable fiscal future.”
