CC 2024-05-28_12b Mid Cycle Budget Update_PP
Review Preliminary
FY 2024-25 Mid-Cycle Budget Update
5/28/2024
1
Budget Timeline
5/28/2024
2023-25 Biennial Operating Budget – 6/27/2023
3 Quarterly updates for the FY 2023-24 budget
Council Goals & Priorities Update – 2/27/2024
Funding
Fire Service
Infrastructure
General Plan Update
5-Year Capital Improvement Program Budget and Measure O-2006 Sales Tax Fund Budget – 4/23/2024
$46.7.9 Million CIP and $10.7 Million Measure O-2006 Sales Tax 5-year programs
2024-25 Mid-Cycle Update for Operating Budget – 6/11/2024
2
Tonight
Review Preliminary FY 2024-25 Mid-Cycle Budget Update including:
Proposed Staffing Requests
Services and Supplies Requests
Vehicle Replacement Requests
Discuss Appropriation of Excess Available Consolidated General Fund Balance
5/28/2024
3
FY 2024-25 Consolidated General Fund Budget
5/28/2024
4
5/28/2024
FY 2024-25 Consolidated General Fund Revenues
$25.1 Million total
5
Consolidated General Fund Tax Revenues
$19.5 Million total
5/28/2024
6
FY 2024-25 Consolidated General Fund
Expenditures by Department
5/28/2024
$30.4 million total
7
FY 2024-25 Consolidated General Fund
Expenditures by Department
5/28/2024
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Proposed Staffing Requests
5/28/2024
9
Services and Supplies Requests
5/28/2024
10
Vehicle Replacement Requests
5/28/2024
11
Appropriation of Excess Available Consolidated General Fund Balance
At the end of FY 2024-25, the projected fund balance is approximately $677,913 greater than the 20% goal
The act of allocating excess reserves adds to budgeted expenditures, the amount available to spend while keeping the reserve at 20% is $560,000
5/28/2024
12
Appropriation of Excess Available Consolidated General Fund Balance
Infrastructure Projects:
Pavement Management Program (PMP)
Sidewalk Improvements
Unfunded CIP’s
Reducing the City’s CalPERS Unfunded Accrued Liability (UAL) by making additional direct payments to CalPERS
Fund Balance and Reserve Policy Potential Allocation
5/28/2024
13
Other Budget Requests
Enterprise Funds, Water & Sewer – updated to reflect the rate adjustment approved by Council 03/08/2022
Special Revenue Funds:
Anticipated increase in gas tax revenue:
Fund 220 Streets
Fund 225 Transportation
Fund 240 Tourism Business Improvement District (TBID) changed approved April 23, 2024
Additional Request totaling $11,350
5/28/2024
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Proposed FY 2024-25 Budget
5/28/2024
15
Next Steps
June 11, 2024 - FY 2024-25 Mid-Cycle Budget Update and the 5-Year CIP will be presented to the City Council
FY 2024-25 funds will be appropriated on July 1, 2024
5/28/2024
16
Recommendation
Review and provide direction on the Preliminary FY 2024-25 Mid-Cycle Budget Update Report
5/28/2024
17
Fund Balance and Reserve Policy Potential Allocation
5/28/2024
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