TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Onyx Jones, MPA, Interim Finance Director
Libby Bretthauer, Financial Services Manager
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Budget and Financial Analyst
SUBJECT:Title
Fiscal Year 2024-2025 First Quarter Budget Update (Interim Finance Director Jones).
(Estimated Time: 15 Mins.)
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
Body
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RECOMMENDATION:
Staff recommends that the City Council receive the report and appropriate funds in FY 2024 as described in the "Discussion" section.
FISCAL IMPLICATIONS:
Fiscal implications are discussed within this report.
BACKGROUND:
The City Council adopted the fiscal year (FY) 2025 Budget on June 4, 2024. In an effort to keep the City Council and community fully informed of the City's fiscal performance, staff is providing a presentation of financial information to the City Council ahead of the traditional mid-year report that will be presented in February 2025.
DISCUSSION:
The Budget is both a spending plan for the City's available financial resources and the legal authority for the City's various departments to spend available resources and meet the needs of Manhattan Beach residents. The City operates on a July 1 to June 30 fiscal year. The fiscal year ending June 30, 2024 (FY 2024) has concluded and staff is now finalizing the audit and preparing the Annual Comprehensive Financial Report (ACFR).
FY 2024 Year-End Results and Budget Adjustments
Results of the FY 2024 audit and ACFR financial statements will be presented and discussed with the Finance Subcommittee before being presented to the City Council in January 2025.
The City's Financial Policies state in Section 9 - Operating Budget Policies that "in no case may total expenditures of a particular fund exceed that which is appropriated by the City Council without a budget amendment." From time to ti...
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