FY 2024-25 BUDGET ADOPTION
CITY COUNCIL
JUNE 115 2024
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Thursday, January 11, 2024
Saturday, February 3, 2024
Tuesday, March 12, 2024
Thursday, March 14, 2024
MMeeting&pe
Finance Committee Meeting I Long -Range Financial Forecast Update Special City Council Meeting I City Council Planning Session City Council Study Session
Finance Committee Meeting
Thursday, April 11, 2024 I Finance Committee Meeting
Thursday, May 9, 2024
Tuesday, May 28, 2024
Thursday, May 30, 2024
Finance Committee Meeting
Joint City Council/Finance
Committee Study Session
Finance Committee Meeting
Early Look at CIP Budget
Overview of FY 2024-25 Revenue
Projections
Proposed FY 2024-25 Expenditure
Budget Review
Follow-up Discussion on FY 2024-25
Proposed Budaet
FY 2024-25 Operating Budget Review
Finalize Recommendations to City
Council
Tuesday, June 11, 2024 I City Council Public Hearing I Adoption of FY 2024-25 Budget Q��WPO�T
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2 ✓ General Fund revenue projections continue to be strong for FY 2024-25. ✓ Proposed General Fund budget is balanced
✓ Updated and comprehensive savings plans for long-term needs ✓ Maintained pension paydown strategy that is anticipated to result in eliminating the City's pension liability in Fiscal Year 2032-33
• $40 million per year from the baseline budget plus an additional $5 million added as a supplemental appropriation at the time of budget adoption ✓ Structural General Fund budget surplus of $5.3 million ✓ Remaining unobligated budget surplus of $0.3 million after the recommended supplemental appropriation of $5 million to maintain the pension paydown strategy of $45 million per year.
✓ On May 30t", the Finance Committee voted to recommend the City Manager's Proposed Budget for City Council consideration as presented.
Beginning Unrestricted Fund Balance
Operating Revenues & Transfers In
Operating Expenditures & Transfers Out
Repayment of Advances
Preliminary Ending Unrestricted Fund Balance
Additional CalPERS UAL Payment
Final Ending Unrestricted Fund Balance
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315,298,822
(311,258,638)
1,250,000
5,290,184
(5.000.000)
• Position classifications, salary ranges, and other personnel matters require City Council approval to comply with CalPERS and to effectuate changes reflected in the budget.
• Revisions are proposed to City Council Policy F-2 (Reserve Policy) to implement certain changes to the reserve policy for the Water and Wastewater Funds consistent with the reserve targets reflected in the rate studies approved by the City Council in September 2023. • Performance metrics were identified for each department as part of an ongoing effort to ensure high -quality & efficient delivery of city programs and services.
• The Fiscal Year 2024-25 budget document will incorporate performance metrics across all departments, which fulfills one of the elements set forth in the Fiscal Sustainability Plan.
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• It is recommended that the City Council conduct a public hearing regarding the City Manager's Proposed Budget for Fiscal Year 2024- 25, and approve the recommendations outlined in the agenda report.
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