MEETING DATE:
MAY 13, 2025
SUBJECT:
Title
RESOLUTION NO. 2025-9433 - APPROPRIATION OF FY 2024-25 GENERAL FUND ONE-TIME REVENUES PURSUANT TO THE FISCAL MANAGEMENT POLICY
Body
Recommendation
Recommendation
ADOPT a resolution to approve appropriation of FY 2024-25 General Fund one-time revenues as recommended pursuant to the Fiscal Management Policy.
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Quality of Life
Planning for the Future
Good Governance
Relevant Department Goal
Not applicable
Executive Summary
In 2019, the City entered into several purchase/sale agreements and construction loan/funding agreements with Lab Holdings, LLC (borrower), also known as AOA San Marcos for the creation of a mixed-used development on Grand Ave near Linda Vista parallel to the 78 freeway. The funding agreements were modified January 28, 2025 via the Agreement Regarding Modification of Loan Agreements, including repayment of the purchase loan $6.2M principal balance and associated interest which resulted in one-time unanticipated General Fund revenue. Per Policy Statement Number 3 of the Fiscal Management Policy, all significant one-time revenues resulting from one-time items such as real estate transactions, legal or dispute settlements, unanticipated reimbursements or other unanticipated revenue receipts not contemplated in the current fiscal year budget will automatically be allocated to the three rehabilitation/replacement funds. The City Manager may, based on specific project needs at a specific time, recommend an alternate allocation of funds and will bring that recommendation forward to the City Council for approval.
In January 2025, the City purchased property as the future site of Fire Station 5. The construction and related costs of Fire Station 5 are anticipated to exceed $25M and would present a significant challenge to fully fund with other applicable funding sources such as Measure Q funds, general funds, Publi...
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