Meld =Year u et Adjoustments
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Agenda Item 12 .A
By Nadia Feeser, Administrative Services Director
Meeting Date : December 3, 2024
Proposed Mid -Year Budget Adjustments
Fiscal Impact by Category
FY 2025 Proposed FY 2025 Proposed
Budget Fiscal Budget Fiscal
Category Impact Ongoing Impact One-time
Revenue Projections $ (96,814) $ - Operating Budgets 110,803 (206,000)
Project Adjustments - 221 ,811
Deferred Projects - 660,800
Technical Adjustments - 4207000
Total Fiscal Impact $ 139989 $ 190969611 °F Fiscal Impact: Negative amounts reflect additional costs or reduced revenues, and positive amounts reflect reduced costs or additional revenues
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Proposed Mid -Year Budget Adjustments -
' Fiscal
Impacton • di
A B C D = C - B
FY 2025 Year-
FY 2025 End Variance
FY 2024 Revised Projected (Actuals-
'' + ($ thousands) Actuals Budget Actuals Budget) Unassigned Fund Balance $ 8,469 $ 9,619 $ 9,619 $ - Committed Fund Balance 17,259 15,020 15,020 - a Beginning Fund Balance 25,727 24,639 24,639 - b Operating Revenues 33,877 32,804 32,785 (20) c Operating Expenditures 26,366 32,874 32,594 (280) d = b - c Net Operating Surplus/(Deficit) 7,512 (69) 191 260 e One-time Revenues 445 996 895 (101) f One-time/Capital Expenditures 8,169 17,554 6,944 (10,610) g =
a+d+e-f Ending Fund Balance $ 25,516 $ 8,011 $ 18,780 $ 10,770 Unassigned Fund Balance $ 7,500 $ 4,242 4,4 $ 160 Committed Fund Balance 15,020 - 10,610 10,610 Contribution to Reserves 996 769 769 -
Budget Stabilization Set-Aside 2,000 2,000 2,000 - voa CalPERS Pre-Payment Set-Aside 1 ,000 1,000 - A�SR'O B���2
Proposed Budget Adjustments :
Revenue Projections M_JIM
FY 2025 Proposed FY 2025 Proposed
Budget Adjustment Budget Fiscal Impact
Fund Description Ongoing One-time Revenues
General Fund Additional property tax revenues $ 100,000.00 $ - General Fund Transient Occupancy Tax Revenue Reduction (165,966.00) - General Fund Impact Fee Fund transfer to support portion of - 100,626.00 corporation yard building construction
LBID Fund LBID Assessment revenue reduction (15,424.00) - LBID Fund LBID Assessment-improvements revenue (15,424.00) - reduction
Water Enterprise Fund Water Impact Fee transfer to support Recycled - 64,832.00 water project (water portion)
Wastewater Treatment Fund Water Impact Fee transfer to support Recycled - 600,000.00 water project (wastewater portion)
Subtotal Revenues $ (96,814.00) $ 765,458.00 Expenditures
Impact Fees Impact Fee Fund transfer to support portion of $ - $ 100,626.00 corporation yard building construction
Water Expansion Fund Water Impact Fee transfer to support Recycled - 64,832.00 water project (water portion)
Wastewater Expansion Water Impact Fee transfer to support Recycled - 600,000.00 water project (wastewater portion)
v o, Subtotal Expenditures $ - $ 765,458.00 Net Fiscal Impact (Revenues - expenditures) $ (96,814.00) $ -
0 Proposed Budget Adjustments : Operating Budgets • Proposed budget adjustments reflect various operating budget adjustments to reflect current operations based
on existing agreements or revised projections
• Net fiscal impact: net increase in costs across all funds T in ongoing revenues of $110,803 and a net increase in one-time costs of $206,000
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• Pier Enterprise Fund: Ongoing $50K General Fund
, -1 F__T support for pier operations and pier depreciation expense
• Beautification of Pier and Pier Plaza: Parking Enterprise rise
Fund support of ongoing $50K to General Fund to
support beautification improvements in the paid parking zone, including repainting of the pier plaza playground t
y whale and sign, the Christmas tree tower, and installing new restroom stall doors.
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Proposed Budget Adjustments : Operating Budgets CalPoly Clam Study: $30K in FY 2025 and FY 2026 for the CalPoly Study agreement from the LBID Fund Interim water services for Zone 3, NCMA, and other water sources: One-time $50K in the Water Enterprise Fund for interim consultant during transition of Public Works Director Five Cities Lift Station panel replacement: One-time $90K to repair the panel at the Five Cities Lift Station
Investment Advisory Services: Ongoing $40K in interest earning revenues and $40K in expenditures Ongoing General Fund cost savings: De-appropriate ongoing $138K in personnel cost savings and $50K Y OF for minor street repairs.
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AdjustmentsJPro osed Bud et Adjustments : Projectp � J Net fiscal impact is net cost savings compared to budget of $221,,811 De-appropriate, Project Completed
✓ Police RMS/CAD project
✓ Chumash and Palisades Parks Improvements
✓ Bello Bridge DeAnza Trail Extension
✓ Server Replacement
✓ Fire Station 63 Roof Repair
Additional Project Costs
• Police Parking Annex $34K (70% Parking Enterprise Fund, 30% General Fund) • Booster Station Variable Frequency Drives (VFDs) $75K Water Enterprise Fund TY OF
• Water Bottle Filling station - $10K IWMA grant revenues, $5,500 expenditures, Capital Projects Fund A�s�'08�Q`�
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Proposed Budget Adjustments : Deferred Projects FY 2025 Proposed
Budget Adjustment
Project Fund Description One-time Revenues
Outlet Center Ramp Waterlines Water Construction Fund De-appropriate- project deferred to a later date $ (410,800.00) De-appropriate- project deferred to a later date pending Public Corp Yard Slurry Seal Capital Projects Safety Facility project and Electric Vehicle Chargers (250,000.00) Subtotal Revenues (660,800.00)
Expenditures
Outlet Center Ramp Waterlines Water Enterprise Fund De-appropriate- project deferred to a later date $ (410,800.00) Outlet Center Ramp Waterlines Water Construction Fund De-appropriate- project deferred to a later date $ (410,800.00) De-appropriate- project deferred to a later date pending Public Corp Yard Slurry Seal General Fund Safety Facility project and Electric Vehicle Chargers $ (50,000.00) De-appropriate- project deferred to a later date pending Public Corp Yard Slurry Seal Capital Projects Safety Facility project and Electric Vehicle Chargers $ (250,000.00) De-appropriate- project deferred to a later date pending Public Corp Yard Slurry Seal Water Enterprise Fund Safety Facility project and Electric Vehicle Chargers $ (50,000.00) De-appropriate- project deferred to a later date pending Public Corp Yard Slurry Seal Wastewater Treatment Fund Safety Facility project and Electric Vehicle Chargers $ (150,000.00) Subtotal Expenditures $ (1,321,600.00) TY OF
Net Fiscal Impact (Revenues - expenditures) $ 660,800.00 A�s�'08�Q`�
Proposed Budget Adjustments : Technical Adjustments 3 ti
• Reflect technical adjustments to errors in the project accounts. The original project amounts will not change, but these changes will appropriately fund the projects FY 2025 Proposed
Budget Adjustment
Project Fund Description One-time
Revenues
Chapman House Improvements Chapman Estate Fund De-appropriate-project completed $ 630.00 South PalisadesWorkout/Trail Capital Projects Technical Adjustment-no changeto projectfunding 360,000.00 Subtotal Revenues 360,630.00
Expenditures
Chapman House Improvements General Fund De-appropriate-project completed $ 630.00 Chapman House Improvements Park Development Fund Technical Adjustment-no changeto projectfunding $ (60,000.00) Subtotal Expenditures $ (59,370.00) Net Fiscal Impact(Revenues-expenditures) $ 420,000.00
Proposed Budget Adjustments : FiscaI Impact by Fund Fund Type Ongoing One-time
General Fund Rev $ 11,234.00 $ 100,626.00 Fund Type Ongoing One-time General Fund Exp (51,419.00) (215,532.08) Wastewater Treatment Fund Rev 4,400.00 600,000.00 Subtotal General Fund Net 62,653.00 316,158.08 Wastewater Treatment Fund Exp (3,600.00) (62,400.00) Grants - Non-Capital Fund Exp (14,665.12) Subtotal Wastewater Treatment Fund Net 8,000.00 662,400.00 Subtotal Grants- Non-Capital Fund Net - 14,665.12 Pier Enterprise Fund Rev 50,000.00 LBID Fund Rev (30,848.00) Subtotal Pier Enterprise Fund Net 50,000.00 - LBID Fund Exp 30,000.00 Parking Enterprise Fund Rev 4,000.00 Subtotal LBID Fund Net (60,848.00) - Parking Enterprise Fund Exp 54,375.00 23,816.67 Chapman Estate Fund Rev 630.00 Subtotal Parking Enterprise Fund Net (50,375.00) (23,816.67) Chapman Estate Fund Exp (10,128.77) Impact Fees Exp 100,626.00 Subtotal Chapman Estate Fund Net - 10,758.77 Subtotal Impact Fees Net - (100,626.00) Capital Projects Fund Rev (15,810.53) Water Expansion Fund Exp 64,832.00 Capital Projects Fund Exp (426,682.53) Subtotal Water Expansion Fund Net - (64,832.00) Subtotal Capital Projects Fund Net - 410,872.00 Wastewater Expansion Exp 600,000.00
Park Development Fund Exp (60,000.00) Subtotal Wastewater Expansion Net - (600,000.00) Subtotal Park Development Fund Net - 60,000.00 Water Enterprise Fund Rev 4,400.00 64,832.00 Technology Service Fund Rev (80,000.00) Water Enterprise Fund Exp (159.00) (346,200.00) Technology Service Fund Exp (80,000.00) Subtotal Water Enterprise Fund Net 4,559.00 411,032.00 Subtotal Technology Service Fund Net - - Total Al Funds $ 13,989.00 $ 1,096,611.30
Water Construction Fund Rev (410,800.00)
TYO,r Water Construction Fund Exp (410,800.00)
Subtotal Water Construction Fund Net -
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Recommendation mi
• Staff recommends that the City Council adopt a Resolution (Attachment 1 ) approving and appropriating budget adjustments for FY 2025.
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