DATE: February 4, 2025
TO: Mayor and City Council
FROM: City Manager
SUBJECT
City of Hayward Budget: General Fund Budget Work Session
RECOMMENDATION
That Council receives the presentation and overview of the updated General Fund fiscal outlook and potential strategies that could be implemented to assist in closing the projected structural deficit.
SUMMARY
Over the last several months, staff has updated the General Fund Long Range Model (model) to included both expenditure changes, and updated revenue projections since the time of adoption of the FY 2025 Operating Budget in June 2024.
The updated model reflects General Fund FY 2024 year-end actuals, analysis of revenue trends and projections, and the impacts of recently approved employee labor contracts. With projected use of General Fund reserves over the next several upcoming fiscal years, this report also provides an overview of potential budget balancing strategies that could be explored to assist in achieving short-term and long-term fiscal sustainability.
ATTACHMENTS
Attachment I Staff Report
Attachment II General Fund Long Range Budget Model