File #: 24-475    Version: 1 Name: 2024-2025 Budget Amendment Approving FY 2023-2024 Carryover
Type: Staff Report Status: Filed
In control: City Council
Meeting Date: 11/4/2024 Final action: 11/4/2024
Enactment date: Enactment #: Reso 2024-142
Title: Adopt a Resolution for FY 2024-2025 Budget Amendments Approving Year-End 2023-2024 One-Time Carry-Over Appropriations for General Fund and Other Various Funds
Attachments: 1. A - Draft Reso FY 2023-2024 One-Time Carryover Appropriation, 2. B - FY 2023-24 Carryover Budget Adjustment Detail

Title

Adopt a Resolution for FY 2024-2025 Budget Amendments Approving Year-End 2023-2024 One-Time Carry-Over Appropriations for General Fund and Other Various Funds

 

Staffreport

COUNCIL PRIORITY

 

                     Fiscal Sustainability and Transparency

 

SUMMARY AND RECOMMENDATIONS

 

Staff recommends 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.

 

Committee Review and Actions

 

The City Council Finance Committee reviewed the budget amendments approving year-end FY 2023-2024 one-time carry-over appropriations for the General Fund, Enterprise Funds, Special Revenue Funds, and Internal Service Funds. The City Council Finance Committee unanimously recommended the resolution be moved to the City Council.

 

Financial Impacts

 

The proposed budget amendment will carryover appropriations of $11,405,420 from   FY 2023-2024 to FY 2024-2025 and will increase the appropriation in the General Fund by $4,284,526. There is no impact to fund balance as funds were previously appropriated.

 

 

ATTACHMENTS

 

Attachment A: Resolution FY 2023-2024 One-Time Carryover Appropriation

Attachment B: FY 2023-24 Carryover Budget Adjustment Detail

 

 

PREPARED BY:  Felicia Silva, Assistant Finance Director, Finance Department