Joint Special Council/BFPD
08/19/24 06:00 PM
Finance
Sydnie Harris
Amendment
Doc ID: 5739
AGENDA ITEM
AGENDA MATTER:
FY2023/2024 PROPOSED BUDGET AMENDMENT FOR YEAR-END CLEAN-UP ADJUSTMENTS EXECUTIVE SUMMARY:
The Fiscal Year 2023/2024 budget was adopted on June 20, 2023. After adoption, financial events occur throughout the course of the year that impact both the anticipated revenues and expenditures contained within the annual budget. These events necessitate adjusting the budget projections from time to time during the course of the fiscal year to keep the spending plan up-to-date based on current financial conditions. Included within this staff report are the proposed budget adjustments (Attachment A) to various estimated revenues and categories of expenses due to financial events occurring throughout the current fiscal year.
Discussed herein for your review and consideration is the Fiscal Year 2023/2024 budget year-end cleanup resolution necessary for the Fiscal Year ending June 30, 2024. This report provides a summary of necessary budget adjustments at year-end to true-up budget to actual presentations within the City's financial statements and demonstrate budgetary control by providing periodic review and updating of the City's adopted operating and capital improvement budget.
DISCUSSION:
The City Council adopted the FY 2023/2024 Operating and Capital Improvement Budget on June 20, 2023. The Adopted Operating and Capital Improvement budget is the City’s annual spending plan for Fiscal Year 2024. It serves as a planning guide for the ensuing fiscal year and demonstrates how established short-term goals and objectives will be implemented during the next fiscal year and demonstrates how available resources are matched against the City’s service priorities to provide essential services to the community.
After adoption, financial events occur throughout the course of the year that impact upon the budget and the implementation of spending priorities. These events necessitate adjusting the budget projections from time to time during the course of the fiscal year to keep the spending plan up-to-date based on current financial conditions. There are several estimated revenue and appropriation adjustments proposed by staff based upon actual experience and/or historical data contained herein.
Discussed herein for your review and consideration is the Fiscal Year 2023/2024 budget year-end cleanup resolution necessary for the Fiscal Year ending June 30, 2024. This report provides a summary of necessary budget adjustments at year-end to true-up budget to actual presentations within the City's financial statements and demonstrate budgetary control by providing periodic review and updating of the City's annual financial plan, its adopted operating and capital improvement budget. These adjustments to the Fiscal Year 2023/2024 adopted budget for all funds are summarized in the attached proposed Budget Adjustment (Attachment A).
All City departments have provided feedback to the Finance department regarding the status of their current year’s expenditures and budgetary performance as projected through the end of the current fiscal year, June 30, 2024. Based on staff’s analysis of the current year’s operating revenues and expenditures and based upon information and input provided by all departments, staff recommends “year-end cleanup” net adjustments as outlined in Attachment A.
Joint Special Council/BFPD
08/19/24 06:00 PM
Finance
Sydnie Harris
Amendment
Doc ID: 5739
AGENDA ITEM
FISCAL IMPACT:
Attachment A summarizes proposed adjustments in revenue estimates and appropriations (expenditures) to the City adopted operating and capital improvement budget for FY 2023/2024.
RECOMMENDED ACTION:
Staff recommends the City Council approve the amendments to various funds and accounts in the City's adopted FY2023/2024 Operating and Capital Improvement Budget as outlined in the attached proposed Budget Amendment (Attachment A).