1 TO: City Council
FROM: Andrew Vialpando, City Manager
PREPARED BY: Susan Kamada, Administrative Services Director MEETING DATE: January 21, 2025
SUBJECT: Fiscal Year (FY) 2024/25 Quarterly Financial Report
RECOMMENDATION
Receive and file the Fiscal Year (FY) 2023/25 Quarterly Financial Report Second Quarter Ending December 31, 2024.
BACKGROUND
This financial report summarizes the City’s financial position for the quarter ending December 31, 2024 for the General Fund, Water Funds, and Special Revenue Funds.
The purpose of this report is to provide City Council, City management, and the Lomita community an update on the City’s fiscal status based on the most recent financial information available.
The City operates on a biennial budget cycle. Through the budget, the City Council approves revenue estimates and authorizes City staff to expend the City’s limited financial resources. As one of the many activities that the city undertakes to help ensure its financial soundness, staff provides quarterly financial reports on the City’s budget condition.
The Fourth Quarter Financial Report covers financial activity through the fourth quarter of FY 2023/24, ending June 30, 2024.
OPTIONS
Receive and file.
CITY OF LOMITA
CITY COUNCIL REPORT
Item No. {{section.number}}i
2 FISCAL IMPACT
None.
ATTACHMENT
1. FY 2024/25 Quarterly Financial Report Second Quarter Ending December 31, 2024.
Prepared by: Approved by:
________ ____________________________
Susan Kamada Andrew Vialpando
Administrative Services Director City Manager