Item No. 4
Town of Atherton
CITY COUNCIL STAFF REPORT – CONSENT AGENDA
TO: HONORABLE MAYOR AND CITY COUNCIL
GEORGE RODERICKS, CITY MANAGER
FROM: ROBERT BARRON III, FINANCE DIRECTOR
DATE: APRIL 16, 2025
SUBJECT: ADOPT THE ATTACHED BUDGET AMENDMENT RESOLUTION FOR THE FY 2024/25 BUDGET
RECOMMENDATION
Adopt the attached Resolution authorizing a Budget Amendment for the FY 2024/25 Budget.
BACKGROUND
Staff presented the Mid-Year budget review for the General Fund FY 2024/25 at its February 5, 2024 Study Session. Staff noted that the FY 2024/25 Budget reflected the Town’s positive financial outlook while maintaining City Council priorities. The Report highlighted the current year’s expenditures, year-end estimates, and identifies any significant issues which may impact the upcoming budget. The FY 2024/25 Mid-Year Budget Report provided the Council with information about the status of the Town’s financial condition at the half-way point in the Fiscal Year.
The FY 2024/25 Mid-Year Budget projected total revenues of $26.3m. An increase of $817,000 over the anticipated revenue in the Adopted Budget of $25.5m. The FY 2024/25 Mid-Year Budget Report projected expenditures at $21.2m. This is an increase of $183,900.
The Council discussed revenue and expenditure summaries across all departments. Staff advised that there were several areas that required a Mid-Year Budget Amendment totaling $183,900.
Most items identified are one-time expenditures for operations or maintenance; and/or one-time priority contract revenue adjustment and document imaging project implementation. The FY 2024/25 Mid-Year adjustment is spread across the four identified areas as noted in Exhibit A.
The Council approved the adjustments and staff advised that a Budget Amendment Resolution would be returned for approval on the March Consent Agenda. However, the item was not timely prepared and is included in the Consent Agenda for April.
Mid-year Budget Staff Report
April 16, 2025
POLICY FOCUS
Staff is presenting a Budget Amendment Resolution for adoption to reflect the noted adjustments.
FISCAL IMPACT
The overall fiscal impact to the General Fund due to Mid-Year adjustments is a General Fund Net expenditure increase of $183,900 (.87%) against a General Fund (plus ERAF) revenue increase of $817,000 (3.2%).
GOAL ALIGNMENT
Goal C- Maintain Conservative Fiscal Policies and Financial Transparency
PUBLIC NOTICE
Public notification was achieved by posting the agenda, with this agenda item being listed, at least 72 hours prior to the meeting in print and electronically. Information about the project is also disseminated via the Town’s electronic News Flash and Atherton Online. There are approximately 1,200 subscribers to the Town’s electronic News Flash publications. Subscribers include residents as well as stakeholders – to include, but be not limited to, media outlets, school districts, Menlo Park Fire District, service provides (water, power, and sewer), and regional elected officials.
ATTACHMENT
1. Resolution of the City Council of the Town of Atherton Approving Mid-Year FY 2024/25 Budget Adjustment