TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Fiscal Year 2024-25 Proposed Budget Amendment No. 1.
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2. SUMMARY
On June 25, 2024, the City Council adopted the Fiscal Year 2024-25 budget with a projected operating deficit of almost $8.0 million. Per City Council direction, and additional staff recommendations, staff is proposing an additional $1.3 million in budget reductions to the Fiscal Year 2024-25 budget.
3. RECOMMENDED ACTION
recommendation
1. Approve the $1.3 million in additional proposed budget reductions.
2. Approve the position changes for Fiscal Year 2024-25.
3. Provide staff with direction on any additional reductions to the Fiscal Year 2024-25 budget.
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4. FISCAL IMPACT
Upon approval of the budget reductions, the General Fund total expenditures for Fiscal Year 2024-25 is approximately $154.8 million. Any additional direction for budget amendments provided by the City Council will be brought forward for approval at a future date.
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
Background:
The City Council adopted the Fiscal Year 2024-25 (FY25) budget on June 25 and directed staff to continue collaborating with the Budget Ad Hoc Committee to identify additional budget reductions. The FY25 adopted budget includes almost $4.1 million in budget reductions, over $4.2 million of additional revenues, of which $3 million is one-time monies.
Tonight, staff is proposing an additional $1.3 million in budget reductions as a result of City Council direction and City Manager recommendation. This reduction includes:
Description
Amount
Part-time staff for special events
$45,500
Tree lighting decorations
16,000
Movies in the Park
9,200
Concerts in the Park
26,700
Vete...
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