Quarterly Financial Report
Fourth Quarter of Fiscal Year 2024
November 12, 2024
• Fiscal Year 2024 Reserves are anticipated to
be fully funded.
– Operating Reserve 15%; Economic Contingency
5%; Catastrophic Event 3%; and Pension
Reserve 15%
• Year-End closing process requires various
budget adjustments to ensure compliance to
the City’s Charter and financial policies.
• Year-End process is currently underway, and
staff will be coming back to the City Council
with the Annual Comprehensive Financial
Report (ACFR) along with any adjustments
not reflected in Q4.
Year End Highlights
Fiscal Year 2024 Fourth Quarter Financial Monitoring Report 2
General Fund Revenues
(in millions)
Fiscal Year 2024 Fourth Quarter Financial Monitoring Report 3
General Fund Expenditures
(in millions)
4Fiscal Year 2024 Fourth Quarter Financial Monitoring Report
General Fund Summary
(in millions)
5Fiscal Year 2024 Fourth Quarter Financial Monitoring Report
Non-Departmental: Address transfers to other funds (i.e., Measure A Sales Tax, Measure P Sales Tax, and Capital Improvement Fund)
Police Department: Increase to Personnel Services for increased overtime costs Fire Department: Increase to Personnel Services for increased overtime costs, offset by Strike Team Reimbursements.
Additional correcting budgetary entries for ACFR preparation.
General Fund Adjustments
Fiscal Year 2024 Fourth Quarter Financial Monitoring Report 6 2016 Measure P Sales Tax Fund: Increase expenditures by $109k of which $31k is for an increase to Sports Courts & Fields (PRK0327) CIP project and is offset by revenue increased Measure P revenues. 2016 Measure A Sales Tax Fund: Increase expenditures by $63k offset by increased Measure A revenues.
Federal Grants: Increase expenditures by $1.3 million to record reimbursements to departments for FEMA related expenditures.
Other Funds Adjustments
Fiscal Year 2024 Fourth Quarter Financial Monitoring Report 7 Capital Improvement Projects Funds: Decrease expenditures by $2.2 million for reprogramming of Palomar Motel Project (GGV0270) CIP Project, and offset by revenue increase of $1.4 million from a transfer from the General Fund.
Additional correcting budgetary entries for ACFR preparation in various funds.
Other Funds Adjustments (continued)
Fiscal Year 2024 Fourth Quarter Financial Monitoring Report 8 Staff will return to Council
at the beginning of the
year to present the ACFR
with final audited financial
information
Finance staff will be
presenting the Fiscal Year
2025 1st Quarter
information in December
to the City Council
Fiscal Year 2026 Budget
Development process is
currently underway
Next Steps
9Fiscal Year 2024 Fourth Quarter Financial Monitoring Report Quarterly Financial Report
Fourth Quarter of Fiscal Year 2024
November 12, 2024