Title
FY 2024-2025 Mid-Year Financial Report as of December 31, 2024, and Proposed Adjustments for the 2024-2025 Budget
Staffreport
CITY COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
The 2024-2025 Amended Budget is presented with proposed adjustments for the City Council Finance Committee to consider for subsequent City Council action.
The FY 2024-2025 Mid-Year Financial Report is for information only.
RECOMMENDATION
Staff recommend the City Council Finance Committee review and forward the proposed Adjusted Fiscal Year 2024-2025 Budget, including revenue and expenditure appropriations, to the City Council for approval.
In addition, Staff recommend that the City Council Finance Committee review the FY 2024-2025 Mid-Year Financial Report as of December 31, 2024.
BACKGROUND
The City budgets on a biennial cycle every two years. At the mid-point of each biennial, staff review revenues and expenditures while evaluating priorities and services to formulate a mid-cycle budget adjustment. At the mid-point of the second budget year, staff may also propose adjustments to ensure budget alignment with revenue and expenditure projections. The City Council adopted the FY 2023-2024 and FY 2024-2025 General, Enterprise, Internal Service, and Parking Fund budgets on May 15, 2023. On May 20, 2024, the City Council reviewed mid-cycle adjustments, and approved amendments to the FY 2024-2025 budget. The approved budgets feature the annual expenditure and resource allocation plan that guides the implementation of City Council budget policies and priorities. The budget provides funding direction for a broad range of services that meet the needs of the community in accordance with City Council policies.
This financial review provides the mid-year budget update to the City Council for the current fiscal year. Analysis of the revenues collected and all expenditures through December 31, 2024, measure operational adherence to the budget allocation plan.
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