Title
Discuss and review the City's financial status, revenues, expenditures, projects, balances, capital projects, fixed assets, and other items related to the 2023-24 Mid-Year Budget, future City budgets, and long-range planning activities.
Body
BACKGROUND:
After the issuance of the fiscal year (FY) 2022-2023 audit report on March 19, 2024, the Finance staff reviewed the fund balances and six months of activity in the fiscal year 2023-2024 financials. The Mid-Year Budget Review is discussed with the Council to update any operating and capital improvement program budget projections. The proposed mid-year budget amendments meet the multi-year financial objectives approved by the City Council.
The City Council has previously approved unbudgeted expenditures, such as an LED Retrofit matching grant and the Stars Multi-sport Facility change order, stipulating that we would formally amend the budget for the items at mid-year. In addition, staff will discuss proposed departmental expenditures that can be funded with excess General Fund Unrestricted Fund Balance and allocate additional funding to the Revenue Stabilization Fund.
Overall, General Fund expenditures were originally approved at $87,125,100, and the proposed mid-year amendments reflect an increase of $1,770,560 (excludes transfer to Revenue Stabilization Fund) for total expenditures of $88,895,660.
DISCUSSION:
This interim financial review and discussion support the City's guiding principle of ensuring an efficient and fiscally sound government through conservative budget spending and resource management.
FISCAL IMPACT:
The financial Impact of the unbudgeted and proposed amendments is included in the attached Presentation for the Proposed Mid-Year Revised Budget.
DISTRICT:
Citywide
RECOMMENDATION:
Staff seeks direction for the proposed amendments to the 2023-24 fiscal year operating and capital improvements program budget. An Ordinance would need formal approval in a subsequent City Council me...
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