FY 2024 & FY 2025 Adopted Budgets
Agenda Item 12.A
Nadia Feeser, Administrative Services Director
Meeting Date: June 6, 2023
Budget Development Process
2 FY 2024 & FY 2025 Proposed Budgets
Proposed Budget is Balanced
3 Total Budget
FY 2024 Proposed
Budget
FY 2025 Proposed
Budget
Beginning Fund Balance 38,692,569$ 39,555,838$ Revenues 57,558,107$ 57,559,488$
Expenditures 56,694,838 53,578,762
Net (Revs - Exps)863,269$ 3,980,726$
Ending Fund Balance 39,555,838$ 43,536,564$
Operating Budget
FY 2024 Proposed
Budget
FY 2025 Proposed
Budget
Revenues 57,408,107$ 57,409,488$
Expenditures 46,449,488 47,684,021
Net (Revs - Exps)10,958,619$ 9,725,466$
One-time
FY 2024 Proposed
Budget
FY 2025 Proposed
Budget
Revenues 150,000$ 150,000$
Expenditures 10,245,350 5,894,740
Net (Revs - Exps)(10,095,350)$ (5,744,740)$ Net of Transfers between funds
Proposed Budgets include
•Baseline operating budget
•City Goals and Other Initiatives
•Outside Agency/Non-Profit Funding: $105,200
4 Council Goal/ Other Initiative FY 2024 FY 2025
Community Character, Beautification, and Quality of Life for Residents $ 13,910,100 $4,885,000
Maintain a Focus on Public Safety 2,247,960 26,245
Traffic Circulation & Parking 900,000
Water Supply, Conservation and Central Coast Blue 2,420,000 Other Initiative 2,061,855 2,653,860
Total $20,639,915 $12,465,105
Fully Funds Reserves
5 GF Contingency
Budget
Maintains GF
Reserve to 25% of
GF Operating
Expenditures
Maintains $250 K
Risk Management
Reserve
Maintains $500 K
Facility Reserve
$2 M Budget
Stabilization Set-
Aside
$1 M Annual
CalPERS
prepayment
pension Set-Aside
Resolution
6 Staff recommends that Council approve a Resolution adopting biennual budgets for FY 2024 and FY 2025
Resolution Approves:
Total Expenditures by Fund
Total Revenues by Fund
Position Changes
Attachments: City Goals & Other Initiatives, New Vehicles, Capital Projects, Job Descriptions, Combined Salary Schedule