TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Steve S. Charelian, Finance Director
Julie Bondarchuk, Financial Controller
Marcelo Serrano, Budget and Financial Analyst
SUBJECT:Title
Fiscal Year 2023-2024 Mid-Year Budget Report Including Funding Appropriations and Staffing Adjustments; and Fiscal Year 2024-2025 Budget Development Calendar (Finance Director Charelian).
(Estimated Time: 45 Mins.)
A) RECEIVE REPORT
B) APPROPRIATE FUNDS
C) APPROVE STAFFING ADJUSTMENTS
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council: 1) receive the Mid-Year Budget Report for Fiscal Year (FY) 2023-2024 and FY 2024-2025 budget development calendar; 2) appropriate $97,000 along with an adjustment to revenues of $75,893 from the General Fund; and 3) approve staffing adjustments identified in the staff report.
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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 the City's General Fund operating budget will result in Fiscal Year (FY) 2023-2024 revenues exceeding expenditures by nearly $1.1 million as a result of several revenue streams trending higher than the adopted budget, as well as savings in several expenditure categories. Overall, General Fund Expenditures are trending slightly under budget due to savings in Contract & Professional Services, Materials & Services, and Employee Benefits categories. It is important to note that projected savings within the Contracts category can often be attributed to encumbrances that are not fully expended in the year originally budgeted and may be carried forward into a s...
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