TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
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First Budget Study Session for the Proposed Fiscal Year 2024-25 Budget.
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2. SUMMARY
This is the first budget study session in support of the preparation of the Fiscal Year 2024-25 Budget. This session is intended to provide an initial analysis of the projected General Fund revenues and expenditures for FY 2024-25.
3. RECOMMENDED ACTION
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Receive and file the report and provide direction to staff.
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4. FISCAL IMPACT
Fiscal impact will be determined with final budget adoption.
5. STRATEGIC PLAN GOALS
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
Goal 2: Be a fiscally healthy community
b: Analyze future fiscal needs and potential revenue opportunities.
Goal 2: Be a fiscally healthy community
c: Provide appropriate reserves.
6. DISCUSSION AND BACKGROUND
Proposed General Fund Revenues for FY 25
Based on current trends and analysis, the total General Fund revenues for Fiscal Year 2024-25 (FY 25) are projected to be approximately $144 million, $6.2 million or 4.6%, over the estimated ending revenue for Fiscal Year 2023-24 (FY 24). This increase is mostly attributed to a change in process of allocating indirect costs. While the General Fund is estimated to receive more revenue from other funds for indirect costs, the General Fund will in turn contribute more to support internal service funds such as 710 (Equipment/Vehicle Maintenance) 740 (Self Insurance - Liability) and 780 (IT Operating).
?Provided in Table 1 below is a summary of the major General Fund revenues by source type, comparing the changes from FY 23 actual revenues to FY 24 year end estimates, as well as FY 25 proposed revenues:
Table 1: FY 25 Estimated General Fund Revenue
Revenue Source
FY 23 Actual Revenue
FY 24 Year End Estimate
FY 25 Proposed Budget
FY 25 Variance from YE Estimate
Property T...
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