FY 2024/25 Mid-Year Budget
Overview
February 26, 2025
2 Mid-Year Budget Overview
1. The Budgeting Process
2. Mid-Year Review / Recommended Adjustments
1. General Fund
2. Special Revenue Funds
3. Internal Service Funds
4. Enterprise Funds
Agenda
FY 2025/26 Annual Budget Timeline
June 25
City Council
FY 2025/26 Budget
Adoption
June 4
Budget
Workshop
February 11
Annual Budget
Kickoff Meeting
March 7
Budget
Submittal
February 26
City Council
Mid-Year
Budget Review
January 10
Mid-Year Budget
Submittals
General Fund
4 Recommended
adjustments
net positive
$180,625
OPERATIONALLY
BALANCED
BUDGET
General Fund
5 Current
Budget
YTD
Actual
YTD
Percent
Revenues 60,652,462$ 27,955,477$ 46.1% 273,812$ 60,926,274$ Transfers In 2,373,003 729,501 30.7% - 2,373,003 Revenues & Transfers In 63,025,465 28,684,978 45.5% 273,812 63,299,277 Expenditures 59,805,523 24,385,352 40.8% 93,187 59,898,710 Transfers Out 4,628,184 400 0.0% - 4,628,184 Expenditures & Transfers Out 64,433,707 24,385,752 37.8% 93,187 64,526,894 Revenues Over/(Under) Expenditures (1,408,242) 4,299,226 180,625 (1,227,617) Fund Balance, July 1 102,037,006 102,037,006
Fund Balance, End of Period 100,628,764$ 100,809,389$
General Fund Summary (December 31, 2024)
Recommended
Mid-Year
Adjustments
Recommended
Budget
General Fund: Revenues
6 Revenue Sources
Property Tax 19,940,000 11,372,966 57.0% 406,312 20,346,312 Sales Tax 19,500,000$ 7,989,581$ 41.0% (580,000)$ 18,920,000$ Franchise Fees 3,204,199 542,664 16.9% - 3,204,199 Transient Occupancy Tax 3,434,000 1,591,593 46.4% - 3,434,000 Building Permits 2,300,000 1,407,546 61.2% - 2,300,000 Business Tax 1,650,000 965,833 58.5% - 1,650,000 Charges for Services 2,333,647 1,080,097 46.3% (417,500) 1,916,147 Total 52,361,846 24,950,280 47.7% (591,188) 51,770,658 Other Revenue Sources 8,290,616 3,005,197 36.3% 865,000 9,155,616 Transfers In 2,373,003 729,501 30.7% - 2,373,003 Total Fund Revenue 63,025,465$ 28,684,978$ 45.5% 273,812$ 63,299,277$ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
General Fund: Expenditures
7 Divisions
City Council 735,620$ 347,891$ 47.3% -$ 735,620$ City Clerk 951,109 423,387 44.5% - 951,109 City Attorney 521,976 149,473 28.6% - 521,976 City Manager 2,167,677 632,478 29.2% - 2,167,677 Community Relations 640,530 271,559 42.4% - 640,530 Emergency Operations 309,851 87,951 28.4% 309,851 Finance 2,175,601 1,057,521 48.6% - 2,175,601 Human Resources 901,237 486,449 54.0% - 901,237 Community Development 4,265,118 1,884,492 44.2% 22,525 4,287,643 Code Compliance 1,207,365 590,467 48.9% 70,662 1,278,027 Police 21,875,638 9,613,672 44.0% - 21,875,638 DART 40,686 11,146 27.4% - 40,686 Building & Safety 2,147,482 612,542 28.5% - 2,147,482 Public Works Admin 3,056,861 2,011,561 65.8% - 3,056,861 Traffic/Signal Maintenance 1,835,818 709,613 38.7% - 1,835,818 Storm Water Management 1,522,074 574,448 37.7% - 1,522,074 Street Maintenance 3,379,683 1,735,882 51.4% - 3,379,683 Community and Human Services 394,398 153,990 39.0% - 394,398 HHP Voicher Program 377,982 204,317 54.1% - 377,982 Cultural Arts Services 1,105,118 367,993 33.3% - 1,105,118 Library Operations 3,337,781 1,589,350 47.6% - 3,337,781 City Hall Facility 2,330,975 873,563 37.5% - 2,330,975 Corp Yard Facility 1,458,848 288,866 19.8% - 1,458,848 Police Facility 858,502 249,255 29.0% - 858,502 Library Facility 1,398,091 655,821 46.9% - 1,398,091 Chamber of Commerce Facility 3,000 - 0.0% - 3,000 Economic Development 634,667 324,514 51.1% - 634,667 Non Departmental 171,835 (3) 0.0% 171,835 Total 59,805,523 25,908,198 43.3% 93,187 59,898,710 Operating Transfers Out 4,578,184 400 0.0% 4,578,184 CIP Transfers Out 50,000 - 0.0% - 50,000 Total Fund Expenditures 64,433,707$ 25,908,598$ 40.2% 93,187$ 64,526,894$ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
Special Revenue Funds
8 ↑ Article 8c TDA Fund (207) - Revenue increase of $218K ↑ Article 8a TDA Fund (208) - Revenue increase of $200K ↑ Gas Tax Fund (210) - Revenue increase of $50k
↓ Traffic Mitigation Fund (251) - Revenue decrease of $465K ↓ Bridge Policy Fund (252) - Revenue decrease of $140K
Internal Service Funds
9 Risk Management Fund (510)
Expense increase of $73,670
• Actual insurance premiums
Information System Fund (530)
Expense increase of $360K
• Two full time positions added to
support technology various
initiatives
Transit Fund
10 Revenues
Transit Services 138,500$ 130,956$ 94.6% 66,989$ 205,489$ Grants 2,184,425 816,012 0.0% 729,305 2,913,730 Total Revenues 2,322,925 946,968 40.8% 796,294 3,119,219 Transfers In 1,681,000 - 0.0% 218,000 1,899,000 Total Transit Fund Revenue 4,003,925 946,968 23.7% 1,014,294 5,018,219 Expens es
Operating Expenses 3,790,481 1,808,822 47.7% 200,000 3,990,481 Capital Purchases 1,023,379 895,676 0.0% - 1,023,379 Grants/Allocations/Depreciation 54,191 62,994 116.2% - 54,191 Total Transit Fund Expenses 4,868,051 2,767,492 56.9% 200,000 5,068,051 Transfer Out - - 0.0% - - Total Transit Fund Expenses 4,868,051 2,767,492 56.9% 200,000 5,068,051 Revenues Over/(Under) Expenses (864,126) (1,820,524) 814,294 (49,832) Working Capital Balance, July 1 100,155 100,155
Working Capital, End of Period (763,971)$ 50,323$
Transit Fund Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
Water Fund
11 All Water Funds
Revenues
Water Service Charges 16,108,267$ 10,104,123$ 62.7% 997,000$ 17,105,267$ Other Water Services Revenue Sources 554,245 311,859 56.3% 554,245 Investment Income 487,068 161,785 33.2% 487,068 Grants - - 100.0% - Other Revenue Sources 1,070,065 516,879 48.3% 1,070,065 Capital Improvement Fees 222,251 9,871 4.4% 222,251 Total 18,441,896 11,104,517 60.2% 997,000 19,438,896 Transfers-In - - 0.0% - Total Revenue and Transfers-In 18,441,896 11,104,517 60.2% 997,000 19,438,896 Expenses
General & Administrative 6,174,707 2,715,365 44.0% 1,042,740 7,217,447 Maintenance & Operations 18,170,101 9,031,895 49.7% - 18,170,101 Water Conservation Credit 683,375 33,451 4.9% - 683,375 Capital Purchases & Projects 6,649,048 302,674 4.6% - 6,649,048 Debt Service 2,000 2,750 0.0% - 2,000 Depreciation - 919,745 0.0% - - Total 31,679,231 13,005,880 41.1% 1,042,740 32,721,971 Transfers-Out - - 0.0% - Total Expenses and Transfers-Out 31,679,231 13,005,880 41.1% 1,042,740 32,721,971 Revenues Over/(Under) Expenses (13,237,335) (1,901,363) (45,740) (13,283,075) Working Capital, July 1 16,442,281 16,442,281
Working Capital, End of Period 3,204,946$ 3,159,206$ Water Funds Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
Sanitary District Fund
12 Revenues
Sewer Service Charges 16,623,708$ 9,128,525$ 54.9% 1,633,342$ 18,257,050$ Property Taxes 1,361,164 1,017,798 74.8% - 1,361,164 Other Revenue Sources 1,914,632 920,760 48.1% - 1,914,632 Capital Improvement Fees 75,386 4,641 6.2% - 75,386 Investment Income 498,893 588,742 118.0% - 498,893 Total Revenue 20,473,783 11,660,466 57.0% 1,633,342 22,107,125 Expens es
General & Administrative 10,322,782 3,742,416 36.3% (165,000) 10,157,782 Maintenance & Operations 10,133,335 4,299,132 42.4% - 10,133,335 Debt Service 470,879 236,287 50.2% - 470,879 Capital Projects & Purchases 15,476,137 1,386,425 9.0% - 15,476,137 Grants/Allocations/Depreciation - 662,404 0.0% - - Total Expenses 36,403,133 10,326,664 28.4% (165,000) 36,238,133 Revenues Over/(Under) Expenses (15,929,350) 1,333,802 1,798,342 (14,131,008) Working Capital, July 1 66,282,089 66,282,089 66,282,089 Working Capital, End of Period 50,352,739$ 67,615,891$ 52,151,081$ Sanitary District Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
Council Action
13 Recommendation:
Approve the FY 2024/25 Mid-Year Budget
Report and authorize the City Manager to
adjust the FY 2024/25 Budget and make
the necessary appropriations.