City Council Agenda Report
May 28, 2024
TO: Honorable City Council
FROM: Jesus M. Gomez, City Manager
BY: Jana Stuard, Director of Finance/City Treasurer
SUBJECT: FISCAL YEAR 2024/25 PROPOSED BUDGET
Background:
Each year the City is required by the Norwalk Municipal Code to prepare an annual budget and present it to City Council for public consideration. The proposed budget for the upcoming fiscal year, which covers the period July 1, 2024 to June 30, 2025, was presented to the Finance Ad Hoc Committee on May 6, 2024 and distributed to the members of City Council on May 22. The document was also made available for public review in the City Clerk’s Department and on the City’s web page.
The Fiscal Year (FY) 2024/25 Proposed Budget contains the following sections:
Budget Summaries:
✓Changes to Fund Balances/Working Capital
✓Inter-Fund Transfers
✓All Funds – Expenditure Summary
✓All Funds – Full Time Positions and Part Time Hours
✓General Fund Revenue Summary
✓General Fund Expenditure Summaries by Type and Function Revenues – all funds
Capital Outlays
Capital Projects – carryover and new projects.
Department Summaries – contains the following information for each departmental division (Budget Unit):
✓Organizational Chart – represents organizational structure of each department ✓Personnel Information – summarizes budgeted full-time positions and part-time hours.
✓Activities and Objectives
City Council
Fiscal Year 2024/25 Proposed Budget
May 28, 2024
Page No. 2
8 5
2 ✓Activity Detail – contains the explanation and/or the breakdown of certain expenditure line items, such as: contract services, membership, special studies, special projects, etc.
✓Departmental Expenditure Budget – details line items per Budget Unit.
The FY 2024/25 Budget is balanced by using the City’s available resources. For the upcoming fiscal year, the funding of the Homeless Outreach activities comes from the American Rescue Plan Act (ARPA) through December 2024, and the second half of the fiscal year will be funded from the General Fund. The available General Fund balance is used to replenish the City’s capital reserves for the Vehicle Equipment Replacement, Building Renovation, and Street Renovation funds.
Subsequent to City Council direction at this and following budget review meetings, a final budget will be prepared and submitted for adoption at a public hearing scheduled for a meeting in June.
Fiscal Impact:
Contingent on City Council’s direction, the proposed budget, when adopted, will serve as the City’s expenditure plan for a one-year period, covering July 1, 2024 to June 30, 2025.
Citizens Advised:
Draft Budget on file in the City Clerk’s Office and published on the City’s web page, link https://www.norwalk.org/city-hall/departments/finance/budget Strategic Plan 2023 Implementation:
The recommended action will further the City’s Strategic Plan Goal 3: Create and sustain resilient and economically prosperous community.
Recommended Action:
The Fiscal Year 2024/25 Proposed Budget is presented for discussion and direction.
Attachments:
1. General Fund Unassigned Fund Balance Projection
2. General Fund Revenue Summary
3. Expenditure Summary – General Fund and All Funds
4. Summary of Changes to Fund Balances/Working Capital