City Council Agenda Report
TO: Mayor Clauzel and Members of the City Council
FROM: Ken Irwn, City Manager
BY: Jennifer Riedeman, Finance Director
MEETING DATE: June 18, 2024
ITEM NO: 8.1
SUBJECT: Approve Resolution No. 2024-41 continuing the Fiscal Year 2023/24 budget and authorizing the Interim City Manager to make expenditures to meet current financial obligations until the Fiscal Year 2024/25 Fiscal Year Budget is adopted.
RECOMMENDATION
Motion to Approve Resolution No. 2024-41 Continuing the 2023/24 Fiscal Year Budget and Authorizing the Interim City Manager to Make Expenditures to Meet Current Financial Obligations until the 2024/25 Fiscal Year Budget is Adopted.
BACKGROUND
Staff have been reviewing additional analysis, budget versus actual comparisons, and discussions for additional impacts and considerations relating to the proposed 2024/25 fiscal year budget.
Because of the volume of work and time required to perform additional analysis of the City's current financial condition, work on the 2024/25 fiscal year budget will not be finalized by June 30, 2024.
ANALYSIS
In order to operate beyond June 30, 2024, it is necessary for the City to continue to incur expenditures prior to the adoption of the 2024/25 fiscal year budget.
Staff and the Interim City Manager are reviewing the General Fund and All Other Funds revenue projections and expenditures and will bring a future motion to adopt General Fund and All Other Funds Budgets for the Fiscal Year 2024/25 once all the fiscal analysis is completed.
The attached Resolution will continue the 2023/24 fiscal year budget and authorize the City of Patterson to make payments for necessary financial obligations until the 2024/25 fiscal year budget is adopted.
FISCAL IMPACT
Expenditures will be made according to the continuation of the 2023/24 fiscal year budget using funds from revenues received and from reserves in various funds as needed.