TITLE:
Receive Report and Consider Adoption of Resolutions Approving FY 2024/25 City of Fort Bragg and Fort Bragg Municipal Improvement District No.1 Budgets, Establishing FY 2024/25 Appropriations Limit, Approving FY 2024/25 Capital Projects Budget ISSUE:
Each year, the governing bodies of the City of Fort Bragg and the Fort Bragg Municipal Improvement District No. 1 approve their annual budgets through a Resolution. This establishes a financial plan for government operations in the upcoming fiscal year, and these adopted budgets are mandatory for the financial operations of both the City and the Improvement District.
Furthermore, Article XIIIB of the State Constitution sets limits on the annual increase in local government budget expenditures. It requires cities to adopt annual appropriation limits by Resolution, which are based on statewide inflationary trends and population changes for each locality. Four budget resolutions are attached for adoption by the City Council and District Board.
ANALYSIS:
On June 5th, 2024, the City of Fort Bragg City Council and City staff convened to review the proposed budget for FY 2024/25. During the subsequent meeting on June 10th, 2024, the Council provided specific direction to staff for changes to be incorporated into the budget. These required adjustments have been made, and the updated budget is now presented for Council consideration and adoption.
The City's FY 2024/25 Appropriation Limit is $12,385,176. With appropriations subject to the limitation totaling approximately $7,432,932 the City of Fort Bragg is not at risk of exceeding the Gann Limit.
The Citywide budget proposed for adoption includes $41.3 million in revenues and $50.7 million in appropriations. The total appropriations budget includes funding of capital projects and therefore does not represent an operating deficit. The General Fund budget includes $12.2 million in revenues and $12.1 million in appropriations, equating to a $46k surplus.
The Fort Bragg Municipal Improvement District No. 1 budget includes $3.5 million in revenues and $2.7 million in appropriations. Per policy, any surplus above the District's operating reserve and the recession reserve is transferred into the District's capital reserve.
The FY 2024/25 Capital budget includes 26 projects totaling $36.8 million Projects include Streets Rehabilitation 2023 $2.5 million, Municipal Facilities $435k, CV Starr Center $1.9 million, Water Enterprise projects $2.09 million, Wastewater Enterprise projects $1.4 million and CV Starr Enterprise $1.9 million.
RECOMMENDED ACTION:
Adopt the following Resolutions:
Fort Bragg City Council Resolution approving and adopting the Annual Appropriations Limit for FY 2024/25; Fort Bragg City Council Resolution approving the FY 2024/25 City of Fort Bragg Budget Fort Bragg Municipal Improvement District No. 1 Resolution approving the FY 2024/25 Municipal Improvement District No. 1 Budget Joint Fort Bragg City Council and Fort Bragg Municipal Improvement District No. 1 Resolution approving the Fiscal Year 2024/25 Capital Projects Budget ALTERNATIVE ACTION(S):
Modify the proposed Resolutions before adopting them;
Reschedule approval of one or more Resolution(s) pending further input from another City Council workshop, Finance & Administration Committee meeting, and/or staff information. The item would be returned at a Special City Council meeting before the start of the new Fiscal year.
FISCAL IMPACT:
The FY 2024/25 budget provides funding for the City's operations and significant maintenance and capital expenditures. The City's General Fund is budgeted for a $46,335 surplus.
CONSISTENCY:
Adoption of the resolutions presented is consistent with Article XIIIB of the California State Constitution and the City's fiscal policies regarding the development and adoption of an annual budget.
IMPLEMENTATION/TIMEFRAMES:
Once adopted, the budget will be posted on the City's website. Paper copies will be posted for public review in the City Hall Lobby and the Fort Bragg public library. Printed copies also may be purchased from the City Finance Department. The budget will serve as the City's financial management guide for FY 2024/25. Staff will closely monitor revenues and expenditures throughout the year, and a mid-year budget review will be conducted in early 2025, or sooner if necessary.
ATTACHMENTS:
FY 2024/25 Operating Budget & Capital Improvement Budget Fort Bragg City Council Resolution approving and adopting the Annual Appropriations Limit for Fiscal Year 2024/25.
Fort Bragg City Council Resolution approving the Fiscal Year 2024/25 City of Fort Bragg Budget.
Fort Bragg Municipal Improvement District No. 1 Resolution approving the Fiscal Year 2024/25 Municipal Improvement District No. 1 Budget.
Joint Fort Bragg City Council and Fort Bragg Municipal Improvement District No. 1 Resolution approving the Fiscal Year 2024/25 Capital Projects Budget.
NOTIFICATION:
None.
AGENCY: City CouncilMEETING DATE: June 24 2024DEPARTMENT: FinancePRESENTED BY: Isaac WhippyEMAIL ADDRESS: [email protected]: City CouncilMEETING DATE: June 24 2024DEPARTMENT: FinancePRESENTED BY: Isaac WhippyEMAIL ADDRESS: [email protected] AGENCY: City Council
MEETING DATE: June 24 2024
DEPARTMENT: Finance
PRESENTED BY: Isaac Whippy
EMAIL ADDRESS: [email protected]
AGENCY: City Council
MEETING DATE: June 24 2024
DEPARTMENT: Finance
PRESENTED BY: Isaac Whippy
EMAIL ADDRESS: [email protected]
AGENDA ITEM SUMMARY