MEETING DATE:
FEBRUARY 11, 2025
SUBJECT:
Title
RESOLUTION NO. 2025-9406 - APPROVING THE MID-YEAR ADJUSTMENTS TO AMEND THE FISCAL YEAR 2024-25 BUDGET
Body
Recommendation
Recommendation
ADOPT a resolution approving the recommended Mid-Year adjustments to amend the Fiscal Year 2024-25 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 2024-25 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 2024-25. Therefore, staff is submitting a mid-year budget amendment for City Council review and approval.
Discussion
After the June 11, 2024 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 2024-25 budget was balanced and at this time, Staff has identified additional expenditure and revenue adjustments that are needed prior to the end of Fiscal Year 2024-25 that have a net positive impact. While the anticipated ending budget is balanced, adjustments will be needed to the adopted revenue and expenditure budgets adjustments to ensure departments have sufficient appropriation approved by the City Council, per City fiscal policy.
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 only $460,606 or a...
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