TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Status of the Fiscal Year 2024-2025 budget.
body
2. SUMMARY
This report provides a mid-year update and year-end estimates of the Fiscal Year 2024-2025 budget.
3. RECOMMENDED ACTION
recommendation
1. Receive and file report.
2. Authorize the continuing appropriation of $119,433.27 to the following accounts:
a. 100.3023.51840.20234 Local-Training Santa Ana College $113,468.02
b. 220.5022.53001.20536 Materials and Supplies-Bev FY23 $4,365.25
c. 100.2016.53340.19322 Craft Supplies - Patron Donations $250
d. 100.2016.53340.19986 Craft Supplies - Patron Donations $1,350
3. Authorize the transfer of $176,328 from the unreserved fund balance of the Major Building Improvements Fund (725) to the General Fund (100) unreserved fund balance.
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4. FISCAL IMPACT
These are grants/donations received in FY24 and are restricted for a specific purpose. Sufficient funds are available in the unreserved fund balances of the respective funds to support the requested appropriations.
5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability
6. DISCUSSION AND BACKGROUND
General Fund Revenues
The General Fund received $58.5 million, or 39% of budgeted revenues through mid-year FY25, including transfers. Based on current trends and analysis, the total General Fund revenues for FY25 are estimated to be just over $149.2 million, $2.8 million over the revised budget, see table 1 below.
Table 1: FY25 General Fund Revenue
Revenue Source
FY24 Actuals (SPLY)
Revised Budget
Mid-Year Actuals
Year-End Estimates
Variance to Revised Budget
Property Tax
54,570,052
55,710,900
15,211,342
56,568,754
857,854
Sales Tax
50,610,366
51,617,688
24,203,702
51,116,470
(501,218)
Transient Occupancy Tax
6,092,658
5,858,800
2,220,569
6,211,195
352,395
Franchises
2,981,298
3,220,194
325,212
3,100,20...
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