Title
Staff Report for a Fiscal Year 2024-2025 Budget Amendment Approving Year-End FY 2023-2024, One-Time Carryover Appropriations for the General Fund and Various Other Funds
Staffreport
SUMMARY AND RECOMMENDATIONS
Staff recommends the City Council Finance Committee review and recommend the City Council approve the FY 2023-2024 year-end, carryover appropriation of funds to FY 2024-2025.
BACKGROUND
The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the adoption of budget appropriations. The City Council approved the FY 2023-2024 budget on May 20, 2024. Budget adjustments are periodically necessary for circumstances that arise and require additional budget appropriations. This budget amendment accounts for FY 2023-2024 carryover appropriations from the prior fiscal year to the current fiscal year to allow previously funded program activities to be completed in FY 2024-2025.
DISCUSSION
Staff recommends re-appropriation of $8,747,252 to amend the Fiscal Year 2024-2025 budget as outlined below. Additional detail can be found in Attachment A.
|
City Council |
$ 138,067 |
|
City Manager |
288,029 |
|
City Manager - Risk Management |
278,566 |
|
Community Development |
84,000 |
|
Information Technology |
3,403,627 |
|
Library |
300,775 |
|
Police Department |
422,294 |
|
Public Works |
2,187,460 |
|
Recreation |
323,000 |
|
Shoreline Golf Course |
1,172,750 |
|
Water Pollution Control Plant |
148,683 |
|
Total |
$ 8,747,252 |
FISCAL IMPACT
The proposed budget amendment will carryover appropriations of $8,747,252 from FY 2023-2024 to FY 2024-2025 and will increase the appropriation in the General Fund by $1,626,358. There is no impact to fund balance as funds were previously appropriated.
ATTACHMENT
• Attachment A: FY 2023-2024 to 2024-2025 Carryover Budget Adjustment Detail
• Attachment B: FY 2024-2025 Carryover Budget Adjustment Presentation
PREPARED BY
Felicia Silva, Assistant Finance Director