Subscribe On January 12, 2021, the City Council received a presentation on the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020. The presentation highlighted how the City of Glendora successfully navigated the unprecedented impacts of COVID-19 and ended the year fiscally strong, by cutting back on many expenses without reducing services to the Community. Many creative solutions were implemented during the pandemic including business assistance loans, rental assistance grants, parklets for local restaurants, waiving of late fees, establishing a virtual City Hall, and implementing significant homeless mitigation efforts. Ending fiscally strong started with the good news of the September 2019 issuance of Pension Obligation Bonds resulting in annual savings of over $1 million ($31 million over 25 years). In addition, Measure E achieved its purpose by providing revenues that maintained existing services levels, and providing the revenues needed to reserve over $2.6 million for future capital projects (e.g. roads, sidewalks, technology, facility improvements). Due to lower expenditures, CARES Act funding, and revenues performing better than expected, the City was also able to maintain 45% Emergency Reserves in the General Fund and set aside $1.6 million for the pension stabilization fund. The efforts of the community to pass Measure E were critical in maintaining service levels. And the issuance of the Pension Obligation Bonds was a strategic step in mitigating pension costs for years to come.