TO: Honorable Mayor and Members of the City Council
THRU: Tom Kisela, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Fiscal Year 2023-24 General Fund Report.
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2. SUMMARY
Fiscal Year 2023-24 annual audit is near completion and the Annual Comprehensive Financial Report is being prepared. Staff are prepared to report on the unaudited actuals, focusing on the General Fund.
3. RECOMMENDED ACTION
recommendation
1. Receive and file the Fiscal Year 2023-24 Year-end Financial Report, focusing on the General Fund.
2. Approve the Purchase Orders carryover requests and continuing appropriations for all funds.
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4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability
Objective 2.9: Create a fiscal sustainability plan
6. DISCUSSION AND BACKGROUND
The Fiscal Year 2023-24 (FY24) Budget was adopted on June 27, 2023 with an adopted General Fund revenue of $135.8 million and expenditure of $139.3 million. The projected catastrophic reserve and undesignated fund balance on June 30, 2024 was $23.6 million and $390,549, respectively. The City's annual audit started on November 18, 2024 and the field work was completed on December 18, 2024. While the Annual Comprehensive Financial Report (ACFR) is being finalized, staff has prepared the unaudited actuals, focusing on the General Fund. Staff will return in February with the ACFR and audited actuals for all funds.
The FY24 General Fund revenue of over $146.6 million, including transfers and one-time revenues, outpaced the FY24 budget by $4.8 million or 3.4%. Over $3.3 million or 70% of the increase is attributed to interest earnings from investments. The other significant increases are Revenue from Other Agencies of $1 million and Fee for Services of almost $1.3 million.
Compared to Fiscal Year 2022-23 (FY23), the General Fund total revenue, including transfers in, increased by $7.7 million or 5.6%. The total operating revenues,...
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