TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Budget & Financial Analyst
SUBJECT:Title
Conduct Public Hearing and Consideration of Resolutions Adopting the Fiscal Year 2024-2025 Operating Budget and the Gann Appropriations Limit (Finance Director Charelian).
(Estimated Time: 15 Mins.)
A) CONDUCT PUBLIC HEARING
B) ADOPT RESOLUTION NOS. 24-0067 AND 24-0068
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: (1) Conduct a public hearing; (2) Adopt Resolution No. 24-0067 adopting the Fiscal Year (FY) 2024-2025 Operating Budget; and (3) Adopt Resolution No. 24-0068 establishing the Gann Appropriation Limit for FY 2024-2025.
FISCAL IMPLICATIONS:
With the passage of Resolution No. 24-0067, the FY 2024-2025 Budget will be adopted, as presented on May 7, 2024, and as amended during subsequent meetings, for the fiscal year commencing on July 1, 2024. As proposed and amended, the FY 2024-2025 Budget includes revenues of $169,929,100 and expenditures totaling $184,589,883 across all funds.
The General Fund is structurally balanced with revenues of $98,993,155 and expenditures of $98,484,891, resulting in a projected year-end surplus of $508,264. The FY 2024-2025 Budget projects a General Fund balance of $29.2 million on June 30, 2025, after transfers to and from other funds. Within this total fund balance, the City's Financial Policy reserve is 20% of operating expenditures, or $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." Additionally, the City Council has set aside $4.0 million as an "Economic Uncerta...
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