TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Libby Bretthauer, Finance Director
Julie Bondarchuk, Financial Controller
Emy-Rose Hanna, Financial Services Manager
SUBJECT:Title
Fiscal Year 2024-2025 Year-End Financial Results and Year-End Budget Appropriations (Unbudgeted) (Finance Director Bretthauer).
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
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RECOMMENDATION:
Staff recommends that the City Council receive this report and appropriate $679,833 from the Insurance Reserve Fund and $3,123 from the Pension Trust Fund in fiscal year (FY) 2024-2025.
FISCAL IMPLICATIONS:
Fiscal implications are discussed throughout this report.
BACKGROUND:
The City Council adopted the fiscal year (FY) 2024-2025 Budget on June 4, 2024. A first quarter budget update was presented on November 19, 2024, and a mid-year budget update was presented on February 18, 2025. In an effort to keep the City Council and community fully informed of the City's fiscal performance, staff is providing a presentation of year-end financial performance and explanation of the need for year-end budget appropriations.
DISCUSSION:
The City of Manhattan Beach Finance Department is committed to accuracy, compliance, and transparency in financial reporting. Recurring monthly financial reports are intended to provide timely fiscal information and improve general awareness of the City's overall fiscal health. Each year after the conclusion of the year-end audit, staff and the City's external audit firm begin preparing financial statements and the Annual Comprehensive Financial Report (ACFR).
Field work of the FY 2024-2025 audit was recently completed and the ACFR will be presented and discussed with the Finance Subcommittee in December before being presented to the City Council in early 2026.
To finalize the fiscal year-end closing, two budget appropriations are necessary to maintain compliance w...
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