With the financials now accounted for, the City of Beverly Hills rounded out the 2018/19 fiscal year with $24.4 million in unallocated funds, a City staff report found. The City Council is now in the midst of deciding what to do with the funds, which could include pre-funding a portion of its $280 million unfunded pension liability or spending millions to move forward on a plan to renovate La Cienega Park, which still needs Council approval.
Staff recommendations for “Potential Projects to be Funded from the General Fund Available Balance” include: $7.5 million for the La Cienega Park Project; $7.5 million for the Subway Portal Project; $5 million for Property Acquisition; and $3 million for the Section 115 Pension Trust. Precisely, $1.123 million would subsequently remain undesignated in the fund’s balance if all item allocations were to get approved as recommended in the Dec. 17, 2019 report.
