TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Erick Lee, Public Works Director
Libby Bretthauer, Financial Services Manager
Katherine Doherty, City Engineer
Marcelo Serrano, Budget & Financial Analyst
SUBJECT:Title
Continued Discussion of the Fiscal Year 2024-2025 Proposed Operating Budget and Proposed 5-Year Capital Improvement Program (Fiscal Years 2024-2025 Through 2028-2029) (Finance Director Charelian and Public Works Director Lee).
(Estimated Time: 30 Mins.)
DISCUSS AND PROVIDE DIRECTION
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council discuss and provide direction on the Proposed Operating Budget for Fiscal Year (FY) 2024-2025 and Proposed 5-Year Capital Improvement Program (Fiscal Years 2024-2025 through 2028-2029).
FISCAL IMPLICATIONS:
The Proposed Budget for FY 2024-2025 includes revenues and expenditures for all of the City's Funds. The document includes sufficient funding for ongoing operations as well as scheduled projects in the Capital Improvements Plan (CIP).
The FY 2024-2025 General Fund Proposed Budget has a projected surplus of $508,264.
Revenue
$98,993,155
Expenditures
98,484,891
FY 2024-2025 Proposed Budget Surplus
$ 508,264
The City's current Financial Policy reserve is 20% of operating expenditures, or about $19.5 million in FY 2024-2025, which is greater than the Government Finance Officers Association (GFOA) recommendation of "no less than two months (17%) of regular general fund operating revenues or regular general fund operating expenditures." In addition, the City Council has set aside $4.0 million as an "Economic Uncertainty" reserve to use at its discretion.
After taking into account the projected operating surplus of $508,264 and net transfers out from the General Fund totaling nearly $4.1 million, the General Fund Unreserved Fund Balance is est...
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