Title
Consider adopting Ordinance No. 3863, amending the City's 2023-24 Fiscal Year Operating Budget, amending the Capital Improvements Program Budget, directing City expenditures be made in accordance with the budget as amended; and take appropriate action.
Body
BACKGROUND:
City Administration has presented the City Council with updated operating and capital improvement program budget projections as part of the Mid-Year Budget Review. The proposed mid-year budget amendments meet the multi-year financial objectives approved by the City Council.
Overall, General Fund expenditures were originally approved at $87,125,100, and the proposed mid-year amendments reflect an increase of $3,210,560 for total expenditures of $90,335,660. This increase includes a transfer of $1,440,000 to the Revenue Stabilization Fund. The recommended amendments are as follows:
DISCUSSION:
Ordinance No. 3863 amends the 2023-24 fiscal year operating and CIP budget to reflect the changes presented during the Mid-Year Budget Review, including expenditure and revenue adjustments made within each operating fund. Approval of this ordinance supports the City’s guiding principle of providing for an efficient and fiscally sound government through conservative budgeting spending and resource management.
FISCAL IMPACT:
Unbudgeted Financial Impact is reflected in the above fund balance changes.
DISTRICT:
Citywide
POSSIBLE COUNCIL ACTION:
1. I move to approve Ordinance No. 3863 as presented.
2. I move to approve Ordinance No. 3863, with modifications.
3. I move to table the issue for further study or take no action.
ATTACHMENT(S):
1. Ordinance No. 3863
2. Presentation