MEETING DATE:
FEBRUARY 13, 2024
SUBJECT:
Title
RESOLUTION NO. 2024-9263 - APPROVING THE MID-YEAR ADJUSTMENTS TO AMEND THE FISCAL YEAR 2023-24 BUDGET
Body
Recommendation
Recommendation
ADOPT a resolution approving the recommended Mid-Year adjustments to amend the Fiscal Year 2023-24 Budget.
Body
Board or Commission Action
Not Applicable
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Not Applicable
Executive Summary
The purpose of the Fiscal Year 2023-24 Mid-Year Budget Amendment is to adjust the adopted budget for unanticipated revenue and expense items that may occur within the current fiscal year. At this time, staff has identified expenditure and revenue adjustments that are needed prior to the end of Fiscal Year 2023-24. Therefore, staff is submitting a mid-year budget amendment for City Council review and approval.
Discussion
After the June 13, 2023 City Council adoption of the budget, each department has the operational flexibility to reallocate appropriations within specified budgeted line-items, but cannot exceed the overall appropriation level as approved by the City Council without approval. The adopted Fiscal Year 2023-24 budget included an adopted deficit of $3,824,001, which staff has been working diligently to reduce via expenditure reductions or revenue increases. At this time, Staff has identified additional expenditure and revenue adjustments that are needed prior to the end of Fiscal Year 2023-24 that have an impact of reducing the adopted deficit by $1,396,696, which will require an adjustment to the original budget appropriation approved by the City Council.
Staff worked to carefully identify potential areas where expenditures could be reduced by either changing how staff performed their business or by reorganizing budgeted activities while maintaining necessary services and activities. Therefore, the unanticipated General Fund expenditure requests increase the overall expenditure budget by ...
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