Title
Adopt a Resolution to Approve FY 2023-2024 Year-End and 2024-2025 Budget Amendment of One-Time Appropriation of Unspent Funds for the General Fund
Staffreport
COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
SUMMARY
FY 2023-2024 Audited financials are provided for review and acceptance by Council. A FY 2024-2025 Budget Amendment to appropriate $915,936 in FY 2023-2024 unspent funds is presented for Council discussion and action.
RECOMMENDATIONS
Staff recommend that City Council accept the FY 2023-2024 audited financials and take action with respect to $915,936 in FY 2023-2024 unspent funds.
BACKGROUND
The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the adoption of budget appropriation. The City Council initially approved the FY 2023-2024 budget on May 15, 2023, as part of the City's biennial budgeting process that covers two fiscal years. As a result, budget adjustments are periodically necessary for circumstances that arise and require additional budget appropriations. The City Council has approved various budget amendments since July 2023, including a mid-cycle adjustment to the biennial budget that was approved on May 20, 2024. Each year, staff present audited financial results with the fiscal year-end financial position.
Analysis
FY 2023-2024 ended with a General Fund unspent budget balance of $915,936. These available funds are primarily from stronger-than-projected revenues led by better than planned Property Tax ($1.6M), Sales Tax ($1.0M), Utility Users Tax ($1.5M), and investment income ($2.7M). These gains were offset by lower than estimated Property Transfer Tax (-$4.4M) for a favorable year-end revenue total that exceeded the Adjusted Budget by $4,690,249. Expenditures were closer to budget, coming in $0.5M under budget. Additionally, on November 4, 2024 Council approved a reappropriation of unspent FY 2023-2024 funds of $4,284,526 to carryover...
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