The City of La Puente

Finance Department

The Finance Department is responsible for managing the City’s finances in accordance with established policies and procedures. The Department is comprised of the following functional areas:

  • Finance reporting
  • Budget preparation
  • Treasury/Investment
  • Cash Management
  • Accounts payable and receivable
  • Business License

Managed by the Director of Administrative Services, the Finance Department has the ultimate responsibility for the financial record keeping and for safeguarding the financial assets of the City. 

Financial Reports

Comprehensive Annual Financial Reports are available for review:

Popular Annual Financial Report “PAFR”

This report offers a summary of the City’s financial information for the period, presented in a manner that is easily understandable. The purpose of the PAFR is to provide citizens with a simple way to connect with local government and learn how public resources are being used to improve the community. The PAFR is informational in nature and does not constitute a financial statement as defined by Generally Accepted Accounting Principles.

Budget

Each year, the Finance Department coordinates the budget process for the City. Draft budgets are submitted by each City department for every City program and activity, then reviewed by the Executive Management Team. All budget information is compiled in a single budget document, which serves as a financial plan for the City throughout the year.

City Budgets:

Successor Agency – Administrative Budget

Administrative Budgets approved by the Oversight Board to the Successor Agency to the Dissolved La Puente Community Development Commission, pursuant to Health and Safety Code Section 34177(j).

Successor Agency – Recognized Obligation Payment Schedule (ROPS)

Recognized Obligation Payment Schedules (ROPS) approved by the Oversight Board to the Successor Agency to the Dissolved La Puente Community Development Commission, pursuant to health and Safety Code Sections 34177(1) and 34177(m).


SB 341 Report

On October 13, 2013, the Governor approved Senate Bill 341 (SB 341) which amended provisions of the CRL relating to the functions to be performed by the housing successor and required new annual reporting. SB 341 went into effect on January 1, 2014. In September 2014, AB 1793 was approved by the Governor, amending SB 341 to add additional annually reporting requirements for homeownership units.

SB 341 and AB 1793 changed the former annual reporting requirements of redevelopment agencies previously provided to both the State Controller’s Office (SCO) and the State Department of Housing and Community Development (HCD). The requirement to report annually to the SCO has been eliminated. By December 31st each year, housing successors are now required to provide an independent financial audit to its governing body within six months after the end of each fiscal year; report specified housing financial and activity information as an addendum to the Annual Housing Element Progress Report submitted to HCD; and post specific information on the housing successor’s website. The report contains all of the information required by SB 341.

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Comments are closed.

Skip to content