FY 2024-25 General Fund Five-Year Forecast
GENERAL FUND
FIVE-YEAR FINANCIAL FORECAST
Adopted
Budget
FY 23-24
Proposed
Budget
FY 24-25
FY 25-26
Forecast
FY 26-27
Forecast
FY 27-28
Forecast
FY 28-29
Forecast
Beginning Fund Balance $29,248,686 $27,011,519 $22,649,548 $14,604,744 $6,530,707 ($989,261) Revenues 120,671,857 127,641,540 132,718,771 136,884,092 141,521,223 145,289,850 Transfers In 7,150,000 1,320,164 578,087 578,087 578,087 578,087 Transfers In from Traffic Safety Fund 200,000 200,000 200,000 200,000 200,000 200,000 Transfers In from IT Fund - Loan Repayment - 378,087 378,087 378,087 378,087 378,087 Transfers In from ARPA - Revenue Replacement 6,950,000 742,077 - - - - Revenues & Transfers In Total 127,821,857 128,961,704 133,296,858 137,462,179 142,099,310 145,867,937 Expenditures (120,884,437) (132,720,675) (138,415,386) (142,832,690) (146,752,004) (151,642,714) Transfers Out (4,174,587) (5,603,000) (2,926,276) (2,703,526) (2,867,274) (3,038,000) Transfers Out to Infrastructure Fund (2,674,587) (2,926,062) (2,926,276) (2,703,526) (2,867,274) (3,038,000) Transfers Out to CIP Fund - Residential Streets (1,500,000) (1,000,000) - - - - Transfers Out to IT Fund - IT Projects - (1,676,938) - - - - Expenditures & Transfers Out Total (125,059,024) (138,323,675) (141,341,662) (145,536,216) (149,619,278) (154,680,714) Net Operating Surplus/(Deficit) $2,762,833 ( $9,361,971) ($8,044,804) ($8,074,037) ($7,519,968) ($8,812,777) MOE Reserve (5,000,000) 5,000,000 - - - - Ending Fund Balance $27,011,519 $22,649,548 $14,604,744 $6,530,707 ($989,261) ($9,802,038) 10% Contingency Reserve (Minimum) $12,088,444 $13,272,067 $13,841,539 $14,283,269 $14,675,200 $15,164,271 17% Contingency Reserve (Goal) $20,550,354 $22,562,515 $23,530,616 $24,281,557 $24,947,841 $25,779,261 Over/(Under) 10% Contingency Reserve 14,923,075 9,377,481 763,205 (7,752,562) (15,664,461) (24,966,309) Over/(Under) 17% Contingency Reserve 6,461,165 87,033 (8,925,872) (17,750,850) (25,937,102) (35,581,299) Attachment 4 - General Fund Financial Forecast
FY 2024-25 Budget Study Session
April 23, 2024
FY 2024-25 General Fund Five-Year Forecast
Attachment 4 - General Fund Financial Forecast
FY 2024-25 Budget Study Session
April 23, 2024
Forecast Assumptions:
(1) Includes quantifiable revenue growth assumptions for Property Tax, Sales Tax and few other major revenues. (2) Includes standard, conservative revenue growth factors for all other revenues. (3) Includes salaries increases for approved MOA labor agreements for approved term years. Factors in standard cost-of-living i ncreases thereafter. (4) Factors in projected PERS-related UAL increases based on latest CalPERS actuarial report in forecast years. (5) Includes standard, conservative expenditure growth factors for Operating Expenditures. (6) Removes one-time revenues and expenses for forecast years. (7) Factors in mild recession year every 5 years with lower, flat or negative revenue and expenditure growth rates in that year .