ARCADIA AUDIT CONFIRMS STRONG FISCAL POSITION
ARCADIA, CA – Independent auditors have completed their annual review of Arcadia’s Fiscal Year 2024-25 financial results, reporting a positive ending result of $4.6 million, significantly outperforming initial projections.
By September 2024, the approval of five labor association agreements resulted in a projected deficit of $2.2 million. However, by June 2025, updated forecasts indicated that a balanced budget was the most likely outcome. Consistent with prior years, actual results proved significantly more favorable than initial projections, which were supported by stronger revenues, disciplined spending, and routine timing and supply chain delays for certain capital projects.
Arcadia’s positive financial results were driven by favorable performance on both the revenue and expenditure sides of the budget. On the revenue side, tax collections exceeded projections by $1.6 million, led by higher collections on sales, utilities, property, and hotel stays. The fiscal year also reflects increased investment income, which contributed an additional $1.3 million to the budget. Further revenue growth came from fees, fines, and charges for services, including approximately $150,000 for code enforcement activity, $150,000 for engineering services, $300,000 in grant funds, and $400,000 in reimbursements related to Fire Department Strike Team deployments.
Budget savings were largely the result of normal capital project scheduling and supply chain delays, lower-than-anticipated personnel costs, and the deferral of a voluntary contribution to help stabilize employee pension costs. Capital and equipment spending totaled about $2.5 million less than projected, with most of those costs being carried forward into the current fiscal year. Following the favorable results of the audit, the City will proceed with transferring the $1.0 million previously set aside to help smooth pension costs.
Although the labor contracts initially signaled a challenging budget year, higher revenue growth and disciplined spending helped Arcadia turn a multimillion-dollar deficit into a $4.6 million surplus. “Our employees are the foundation of Arcadia’s success, and the City Council ensured that our labor agreements reflect their vital contributions to the community,” said City Manager Dominic Lazzaretto. “Their foresight to invest in our workforce contributes to Arcadia’s long-term vitality, helping our community remain a place where people want to live, work, and play.”
Arcadia’s FY2024-25 financial audit will be posted to the City’s website at ArcadiaCA.gov in the coming weeks. Any questions about the audit can be directed to the Administrative Services Department at (626) 574-5424.
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About Arcadia
Nestled along the rolling foothills of the San Gabriel Mountains and Angeles National Forest, Arcadia is a charming, family-oriented community with a population of just over 57,000. Located only 13 miles east from downtown Los Angeles, regional transportation networks like the Metro A Line connect Arcadia as a premier residential, shopping and entertainment destination in the San Gabriel Valley. Arcadia is known for its top-rated schools, iconic landmarks, and serene neighborhoods. With the conveniences and amenities of a full-service, mid-size city, Arcadia’s “Community of Homes” provides a quality of life that will go Above & Beyond your expectations.
For more information, visit ArcadiaCA.gov, like us on Facebook or follow us on Instagram or X.
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