City of Diamond Bar Budget

Fiscal Year 22/23

WHAT IS THE BUDGET?


The budget is an annual financial plan for the City of Diamond Bar. It specifies the level of municipal services to be provided in the coming year and reflects strategic priorities set by the City Council.


The City of Diamond Bar's budget is designed to serve five major purposes:


  1. Definition of policy in compliance with legal requirements for General Law cities in the State of California, Governmental Accounting Standards Board (GASB) financial reporting requirements and audit standards, and fiscal directions of the City Council.
  2. Prepare the budget in conformity with Generally Accepted Accounting Principles using the modified accrual basis of accounting.
  3. Utilization as an operations guide for administrative staff in the management and control of fiscal resources.
  4. Presentation of the City's financial plan for the ensuing fiscal year, itemizing projected revenues and estimated expenditures.
  5. Illustration as a communications document for citizens who wish to understand the operations and costs of City services.