At its June 12 meeting, the Inland Valley Development Agency adopted its budget for the 2019-2020 fiscal year.
These are some of the key takeaways from the new budget:
While a Debt Service Fund is retained, the IVDA currently is debt-free.
The General Fund retains a $2 million Economic Development reserve.
The Capital Projects Fund includes $15.9 million in project delivery including:
• Mountain View Phase II: $10.4 million
• Sterling Avenue grant: $2.5 million
• Storm drains: $1.2 million
• Third and Fifth Streets: $1 million
• EDA Grant Match to the city of Highland: $800,000
• Water tower parcel: $450,000
• Solar panel system: $140,000
The largest source of revenue this fiscal year is the Capital Projects Fund, $9.311 million. The General Fund kicks in $4.556 million, followed by the Property Management Fund with $2.316 million, the Base Re-Use Obligation Reserve Fund contributes $1.59 million and the Water Sewer Fund adds $215,000.