TO: Honorable Mayor and Members of the City Council
THRU: Jarad Hildenbrand, City Manager
FROM: Trang Nguyen, Finance Director
1. SUBJECT
title
Fiscal Year 2024-2025 General Fund Report.
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2. SUMMARY
???The Fiscal Year 2024-25 annual audit is near completion, and staff are prepared to report on the unaudited actuals, focusing on the General Fund.?? The Annual Comprehensive Financial Report is being finalized and tentatively scheduled to be received and filed with the City Council next month.
3. RECOMMENDED ACTION
recommendation
1. Receive and file the Fiscal Year 2024-25 Year-end Financial Report, focusing on the General Fund.
2. Approve the Purchase Order carryover requests of $14,746,733 and continuing appropriations of $4,312,319.49 for all funds.
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4. FISCAL IMPACT
The appropriations are from unspent funding in Fiscal Year 2024-25.
5. STRATEGIC PLAN GOALS
Goal 2: Enhance Economic Development and Achieve Fiscal Sustainability.
6. DISCUSSION AND BACKGROUND
BACKGROUND
?Fiscal Year 2025 Summary
The City's annual audit started in late October and the field work was completed early January 2026. The Annual Comprehensive Financial Report (ACFR) is being finalized, and staff has prepared the unaudited actuals, focusing on the General Fund. Staff will present the ACFR and audited results to the Audit Committee in February before returning to the City Council for receive and file.
The Fiscal Year 2024-25 (FY25) General Fund Adopted Budget for revenue was $153.7 million and expenditure of $159.7 million. The General Fund closed FY25 with a total revenue of just over $158.7 million and expenditure of over $159.4 million, resulting in a deficit of almost $700,000. The ending fund balance at June 30, 2025 was $28.5 million, of which $26.4 million is catastrophic reserve and just over $169,000 in undesignated fund balance.
Accounting Changes
Internal Service Funds (ISFs) are commonly used as a financial planning tool to smooth large and irregul...
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