DATE: March 12, 2024
TO: Mayor and City Council
FROM: Director of Finance
SUBJECT
FY 2024 Mid-Year Budget Review: Adopt a Resolution Approving the FY 2024 Mid-Year Budget Amendments and Receive and Review the Five-Year General Fund Financial Model Update
RECOMMENDATION
That the City Council 1) reviews the FY 2024 Mid-Year budget; 2) adopts a resolution providing amendments to the previously adopted City of Hayward FY 2024 Operating Budget (Attachment II); and 3) adopts a resolution providing amendments to the previously adopted City of Hayward FY 2024 Capital Improvement Program Budget (Attachment III).
SUMMARY
This report presents the mid-year review of the FY 2024 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 mid-year expenditures net a total increase of $17.9 million in General Fund expenses. Of this amount, $14.9 million is related to previously authorized and approved appropriations, and proposed FY 2024 mid-year expenditure adjustments totaling a net increase of $1.99 million, and $1.0 million for the previously approved commitment to the Employee Home Loan Pilot Program. Table 1 and Table 2 below detail the key changes in General Fund expenditures related to previous Council authorized and approved appropriations, and proposed new FY 2024 mid-year requests:
TABLE 1: PREVIOUS COUNCIL AUTHORIZED AND APPROVED GENERAL FUND APPROPRIATIONS
Previous Council Approved Appropriation
FY 2024 Impact ($)
Employee Contract Terms - Local 1909, HPMU, and City Council
$1,688,651
Replenish stolen and damaged emergency shelter equipment
$12,057
New Image Landscape for Downtown Hayward Maintenance
$116,402
Annual contingency for Hayward Median Maintenance with Brightview Landscape
$30,000
STEP Grant A...
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