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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Fiscal Year 2024-25 Proposed Budget Reductions.
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2. Summary
The Budget Ad Hoc has identified over $12.3 million of potential budget reductions for consideration. The Fiscal Year 2024-25 adopted budget included over $4 million in budget reductions. The remaining balance is available for consideration along with any other reductions as directed by the City Council.
3. Recommended Action
recommendation
Discuss and provide staff with direction on additional reductions to the Fiscal Year 2024-25 budget.
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4. Fiscal Impact
Any direction provided by the City Council will be included in a future budget amendment.
5. Strategic Plan Goals
Goal 2: Be a fiscally healthy community
a: Expend fiscal resources responsibly.
b: Analyze future fiscal needs and potential revenue opportunities.
c: Provide appropriate reserves.
6. Discussion and Background
Attached is a list of proposed budget reductions from the Budget Ad Hoc committee of over $12.3 million. The City Council voted to reduce almost $4.1 million at the June 11th City Council meeting. These reductions were included in the Fiscal Year 2024-25 budget that was adopted by the City Council on June 25, 2024. Furthermore, the City Council directed staff to cancel all special events after July 10th for an additional savings of over $440,000. The remaining balance of almost $7.7 million is available for consideration along with any other reductions the City Council proposes. Staff will return at the second meeting in July with a budget amendment for any directions received on June 25th and tonight.
7. ATTACHMENTS
• Attachment A - FY25 Budget Reductions