RESOLUTION NO. _____
Resolution Of The City Council Of The City Of Emeryville Amending The 2024-25 General Fund Budget, Amending City Financial Policies, Transferring Funds And Assigning Funds
WHEREAS, on June 6, 2023, the City Council approved the 2 Year City Budget covering the 2023-24 fiscal year (ending June 30, 2024) and the 2024-25 fiscal year (that will end on June 30, 2025); and
WHEREAS, the Budget Advisory Committee and the Budget and Governance Committee have reviewed proposed budget options and recommended that the City Council take actions to balance the 2024-25 General Fund Budget by amending the 2024-25 General Fund Budget, amending City Financial Policies, Transferring Funds and Assigning Funds; now, therefore, be it
RESOLVED, by the City Council of the City of Emeryville that the Financial Policy on the allocation of Residual Property Tax revenues be changed so that 100% of these revenues be received in the General Fund (Fund 101); and, be it, further RESOLVED, by the City Council of the City of Emeryville that the $3 Million projected increase in expenditures during the current fiscal year be reduced by $2 Million by reducing department expenses and keeping several vacant positions unfilled, underfilled or using contract services; and, be it, further
RESOLVED, by the City Council of the City of Emeryville that funds from the Economic Uncertainty Reserve (Fund 275) be used to pay for the Social Security settlement estimated at $3.3 Million; and, be it, further
RESOLVED, by the City Council of the City of Emeryville that $5 Million be transferred from the Economic Uncertainty Reserve (Fund 275) to the General Fund (Fund 101) to offset the 2024-25 General Fund projected deficit. This will also offset any further revenue decreases and expense increases during the balance of the 2024.25 fiscal year. And it will bring the General Fund Unassigned Balance to 15% for this fund balance; and, be it, further
RESOLVED, by the City Council of the City of Emeryville that $2 Million be transferred from the General Capital Improvement Fund (Fund 475) to the General Fund (Fund 101) to bring the Unassigned Balance to 20%; and, be it, further RESOLVED, by the City Council of the City of Emeryville that the Economic Uncertainty Reserve (Fund 275) and Disaster Reserve (Fund 277) will be combined into the Economic Uncertainty Reserve (Fund 275), the Council clarifies that the 50% Target for this combined fund is a goal and that the current policy allowing the City Manager to spend up to $5 Million from this combined fund remains; and, be it, further RESOLVED, by the City Council of the City of Emeryville that the Fund Balance Policy of the Unassigned General Fund (Fund 101) is amended so that it has a target fund balance Docusign Envelope ID: 7A8FFBED-3682-4968-A694-C54C6E58D550 Resolution No. _____
2024-25 Fiscal Year Budget Update & Proposed Budget Amendments City Council Meeting | March 4, 2025
of 20% of annual expenditures rather than no target balance amount, consistent with Government Finance Officers Association policy and best practices in local government finance; and, be it, further
RESOLVED, by the City Council of the City of Emeryville that $3.3 Million from the Economic Uncertainty Reserve (Fund 275) be assigned to pay the Social Security Settlement when it occurs.
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, March 4, 2025, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
Docusign Envelope ID: 7A8FFBED-3682-4968-A694-C54C6E58D550