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:
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.
The City of La Puente operates on a fiscal year cycle from July 1 to June 30. The City Council is required by City policy to adopt a balanced annual budget on or before June 30 of each year. This means that operating expenditures must be equal to or less than revenues.
The annual budget process begins each winter, with individual departments proposing a draft budget for the programs within their direction. The Finance Department coordinates the preparation of the budget document and brings it to the City Council for approval in conjunction with the City Manager.
The adopted budget is a policy document, an operations guide and a financial plan and reflects the values and priorities of the local community.
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.
Annual Comprehensive Financial Reports are available for review:
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.
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).
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