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Home My WebLink AboutFin Final Citywide Budget for Fiscal Year 2024-25 PPTFINAL PROPOSED BUDGET FISCAL YEAR 2024-2025 CITY COUNCIL MEETING JUNE 17, 2024 FY 2024-2025 FINAL BUDGET ADOPTION RECOMMENDED ACTIONS 1.Resolution Approving the Citywide Budget and Capital Improvement Program Budget for Fiscal Year 2024-25 •All Funds Budget - $211,121,633 •Capital Improvement Budget - $33,260,763 •Authorized Staffing Levels - 416.35 Full-time Equivalent positions •Authorize carry-forward of encumbered FY2023-24 year-end appropriations 2.Resolution Approving Fiscal Year 2024-25 GANN Appropriations Limit - $185,036,651 3.Resolution Approving the Measure A Workplan for Fiscal Year 2024-25 - $937,500 4.Approval of Capital Improvement Program – FY2024/25 Through FY2026/27 and Related Capital and Transportation Infrastructure Workplan FY 2024-2025 FINAL PROPOSED BUDGET SUMMARY SUMMARY Fund Sources (Revenues and Transfers In) Uses (Expenditures and Transfers Out) General Fund $103,790,510 $112,291,757 General Plan 647,275 1,151,725 Special Revenue/Grant/Trust 46,915,121 55,171,932 Enterprise (Parking)4,807,330 4,795,360 Internal Service/ Capital Replacement 26,723,421 28,295,859 Capital Project Funds 7,668,509 9,415,000 Citywide Total – ALL FUNDS $190,552,166 $211,121,633 Less Internal Service Fund Charges/ Transfers $(31,277,535)$(31,277,535) Citywide Total – Excluding Dual Appropriations $159,274,630 $179,844,098 FY 2024-2025 FINAL PROPOSED BUDGETREVISIONS FROM JUNE 3RD DRAFT BUDGET Fund Draft Budget (June 3rd) Final Budget (June 17th) Internal Service/ Capital Replacement $28,087,298 $28,295,859 Vehicle Replacement Fund – Correction 221,439 330,000 Fire Equipment Replacement Fund 131,000 231,000 Capital Project Funds $9,315,000 $9,415,000 Measure E – Essential Facilities (CIP)100,000 FY 2024-2025 FINAL PROPOSED BUDGET GENERAL FUND RESERVE LEVELS FY24-25 Year-End General Fund Reserve projected at $22.8M Reserve Policy Level (15%) = $15.3M Assigned Fund Balance = $7.2M Unassigned Fund Balance = $0.3M FY 2024-2025 PROPOSED BUDGET ALLOCATION OF FUND BALANCE Transfers $7,485,000 Liability Fund 2,000,000 Capital Fund 2,000,000 Streets /Roads (Capital) 1,000,000 Vehicle Replacement 1,000,000 Public Safety Equip Repl. 500,000 Stormwater Fund 985,000 Appropriations Enterprise Resource Planning (ERP) $1,000,000 Racial Equity Initiatives 500,000 Assigned Fund Balance FY24-25 Capital Projects $4,182,276 Grant Match $2,000,000 Capital Reserve $1,000,000 Unassigned Fund Balance $ 332,468 CAPITAL IMPROVEMENT PROGRAM FY 2024-25 CAPITAL BUDGET SUMMARY •* Annual Programs Capital budget EXCLUDES appropriations supporting • operations and maintenance FY 2024-25 BUDGETAUTHORIZED POSITIONS SUMMARY •Total proposed staffing level = 416.34 FTE •Reduction of 9.72 FTE from FY 2023-24 Budget •Reflecting changes approved since 7/1/23 •Staffing levels remain well below FY 2007-08 levels (445.08) PERSONNEL FY 2024-25 GANN LIMIT FY 2024-25 GANN LIMIT = $185,036,651 Appropriations Subject to Gann Limit = 113,649,863 NEXT STEPS •Approval of Tax Rates •Library Parcel Tax (6/17) •Paramedic Tax (6/17) •Special Assessment Districts •Master Fee Schedule •Review Fees and Charges and assess adjustments required to maintain target cost- recovery levels •Maintain/update financial forecasts •Monitor economic trends and signs of possible recession •Impacts of addressing significant infrastructure and deferred maintenance needs •Assess the City’s financial ability maintain current service levels and staffing based on updated forecast and upcoming voter-approved tax measure renewal dates: •Measure D – Library – Expires 2026 •Paramedic / EMS – Capped at current level (2024) •Measure R – Sales Tax – Expires 2032 •Other Needs – Stormwater Fee (TBD) Thank You… END OF PRESENTATION