200 S. Anaheim Blvd.
Suite #643
Anaheim, CA 92805
Tel: (714) 765-5195
Fax: (714) 765-5260
www.anaheim.net
CITY COUNCIL AGENDA REPORT
City of Anaheim
DEPARTMENT OF FINANCE
DATE: JUNE 18, 2024
FROM: FINANCE DEPARTMENT
SUBJECT: RESOLUTION ADOPTING THE FISCAL YEAR 2024/25 BUDGET ATTACHMENT (Y/N): YES ITEM # 38-A
GOVERNMENT CODE § 84308 APPLIES: NO
RECOMMENDATION:
That the City Council, by Resolution, adopt the Fiscal Year (FY) 2024/25 Budget as submitted, with any revisions made by the City Council.
DISCUSSION:
On May 31, 2024, the Proposed FY 2024/25 Budget was made available to the Mayor, City Council, and the public for inspection in accordance with Article XII of the City Charter. Budget workshops were held on June 11 and 18, concluding with a public hearing on June 18 in which the budget was presented and the public was provided the opportunity to comment. Additionally, the Budget, Investment and Technology Committee (BIT) held public meetings on May 22 and June 3 to discuss the budget and provide additional opportunities for public comment.
The Proposed FY 2024/25 Citywide Budget is $2,309,991,136, an increase of 9% from the current adopted budget. Proposed General Fund expenditures total $490,937,159, an increase of 6%. The General Fund increase is due to contractual salary and benefit increases, new positions that have been added, internal service charges related to information technology support and fleet and facility maintenance, and homeless shelter operating costs.
The budget maintains existing services including the largest complement of sworn Police and Fire personnel ever while adding funds to respond to and support homeless services and code enforcement in our community. The budget projects moderate growth in the Big Three General Fund revenues, which include TOT, sales tax, and property tax. A structural deficit remains in the General Fund, but the proceeds remaining from our 2021 Working Capital bonds allow us to balance the operating plan for two years, at which time we would draw on the General Fund reserves to balance. With continued growth of TOT and sales tax revenue in the Anaheim Resort, lease payment measurement revenues (LPMR) may be retired as early as 2028 freeing up resources to balance the projected operating deficit in the latter part of year four.
Resolution Adopting the Fiscal Year 2024/25 Budget
June 18, 2024
IMPACT ON BUDGET:
With City Council’s approval of recommended supplemental funding requests, the Citywide budget would be $2,126,005,364 and General Fund budget appropriations would total $460,644,577, except as otherwise revised by the City Council.
Respectfully submitted,
Deborah A. Moreno
Finance Director/City Treasurer
Attachment:
1. Resolution