TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Onyx Jones, Interim Finance Director
Libby Bretthauer, Financial Services Manager
Marcelo Serrano, Budget and Financial Analyst
SUBJECT:Title
Fiscal Year 2025 Mid-Year Budget Report Including Funding Appropriations and Staffing Adjustments; and Fiscal Year 2026 Budget Development Calendar (Partially Budgeted) (Interim Finance Director Jones).
(Estimated Time: 30 Mins.)
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
C) APPROVE STAFFING ADJUSTMENTS
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RECOMMENDATION:
Staff recommends that the City Council: 1) receive the Mid-Year Budget Report for Fiscal Year (FY) 2025 and FY 2026 budget development calendar; 2) appropriate $1,198,568 along with an adjustment to revenues of $1,978,651 from the General Fund; 3) appropriate $1,699,414 from Other Funds as identified in Attachment #1; and 4)
approve staffing adjustments as identified in Attachment #1.
FISCAL IMPLICATIONS:
Every January, City staff analyzes fiscal year-to-date activity and prepares mid-year projections for revenues and expenditures to evaluate potential budget variances and forecast year-end results. This report focuses on those mid-year projections and explains budget variances to provide a current representation of the City's fiscal position.
Current trends indicate that General Fund revenues are estimated to come in over the adjusted budget by $1,978,651 (2.0%). General Fund expenditures are projected to be $1,198,568 (1.2%) over the adjusted budget, resulting in an operational deficit of approximately $351,750. Attachment # 1 provides detail on the projected General Fund revenues and expenditures through the end of the Fiscal Year (to June 30, 2025).
Budgeted year-end transfers to other funds will also impact General Fund balance. Totaling approximately $4.1 million, these transfers support operations in the Street Lighting & Landscape Fu...
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