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