DATE: February 19, 2025
TO: Council Budget and Finance Committee
FROM: Assistant City Manager
SUBJECT
FY 2024-25 Mid-Year Budget Review and Five-Year General Fund Financial Model Update
RECOMMENDATION
That the Council Budget and Finance Committee reviews and provides comments on the FY 2024-25 Mid-Year Budget Review and Five-Year General Fund Financial Model Update.
SUMMARY
This report presents the mid-year review of the FY 2024-25 Adopted Budget, and an update to the Five-Year General Fund Financial Model (model) presenting proposed changes and projected year-end results based on current trends and data. While staff considers the entire City budget in its mid-year review, this report focuses primarily on the General Fund.
Proposed FY 2024-25 mid-year expenditures net a total increase of $1.56 million in General Fund expenses. Table 1 details the key changes in General Fund expenditures related to previous City Council authorized and approved appropriations and carryforwards and Table 2 details proposed new FY 2024-25 mid-year requests:
TABLE 1: PREVIOUS COUNCIL AUTHORIZED AND APPROVED GENERAL FUND APPROPRIATIONS & CARRYFORWARDS
Previous Council Approved Appropriations & Carryforwards
FY 2024-25 Impact ($)
Appropriations
$1,185,183
Carryforwards
$3,640,787
Previous Council Approved Appropriations Subtotal
$4,825,970
TABLE 2: PROPOSED NEW FY 2024-25 GENERAL FUND MID-YEAR REQUESTS
Mid-Year Request (NEW)
FY 2024-25 Impact ($)
Retired Annuitant for District-based election development
$14,470
Personnel Expenses
$14,470
Print cost and notices for the transition to District-based elections and the 2024 Presidential Election
$50,001
Consulting services for the transition to District-based election
$54,985
Registrar of Voter's invoice for the 2024 Presidential Election
$331,487
Reduction of Cost Allocation from Special Revenue to the General Fund
$167,575
Additional consulting services inspection fees and plan check for services
$500,000
Vehicle proc...
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