CITY OF POMONA
Attachment No. 2
Fiscal Year 2024-25 General Fund Preview
• Tonight's Presentation will also be done on April 3rd at 3:00pm • This concept was to give a snapshot of the forthcoming budget in the early planning stages and to encourage feedback from residents via two different sessions
• Staff requests feedback from the Mayor and City Council • The Finance Department will work in cooperation with all City Departments and consultants to formulate further in depth revenue and expenditures projections for the upcoming fiscal year • The City Manager and the Finance Department are in the process of reviewing each Department and all Funds in the City Budgets Fiscal Year 2024-25 General Fund Preview
• The goal is to present a financial picture that will help determine prioritization of ongoing and future services as well as to ensure the City’s financial stability
• Allow the City Council to provide direction on goals and priorities they would like included in the forthcoming budget
• Allow residents and business to provide feedback on the forthcoming budget
• Ensure the continuation of operational and capital expenditures are included, and attempt to find what resources can be appropriately allocated to accomplish these initiatives
Fiscal Year 2024-25 General Fund Preview
• Compared to FY 2023-24 Budget – Revenues are to increase $631k overall
• Compared to FY 2023-24 Budget – Expenditures are to
increase $2.7M overall
• Nets a Projected Preliminary Budget Deficit of $5M
• Property Tax and Sales Tax (60% of GF revenue) are projected to increase $1.5M
• Utility Tax (14% of GF revenue) to increase $212k
Fiscal Year 2024-25 General Fund Preview
The Other Taxes Category (13% of GF revenues) are
projected to decrease $521k
• $1M Franchise Fees Increase
• Offset with $1.8M reduction to Property Transfer
The Other Sources Category (13% of GF revenues)
are projected to decrease $579k
• $1M Investment Earnings Increase
• Offset with $1.7M reduction in Fees (Plan Check, Construction Tax, etc.)
Fiscal Year 2024-25 General Fund Preview
Fiscal Year 2024-25 General Fund Preview
The $7.6M increase to the Personnel category has
key items that make up this increase:
• $6.4M Earnings and Benefits (All Authorized Positions Budgeted)
o $1.6M Unfunded Accrued Liability (UAL)
o $2.3M MOU Contract Impacts
o $1.5M HEART Team moving from OATH Grant to Genl Fund
o $1M Full Time Positions Added during FY 2023-24
• $1.3M Vacancy Factor Not Estimated/Budgeted at
this time
Fiscal Year 2024-25 General Fund Preview
Appropriation Categories
• $1.2M Required Expenses - Fire Contract Estimate
• $1.2M Allocations and Utilities
• $700k Information and Technology Allocation
• $800k Liability Administration Allocation
• $615k Fleet Allocation
• Offsetting reductions of
• $400k Pension Obligation Bond (POB)
• $400k for Utility Line Items (Electricity, Water, Gas) Fiscal Year 2024-25 General Fund Preview
Appropriation Categories
• ($2.5M) Controllable Expenses
• ($1M) Dept Expense - Redistribution of Youth
Commitment funds to traditional accounts
(activities and supplies)
• ($1M) Section 115 Trust
• ($3.3M) Capital Expenses - No Supplemental Items
Approved to Date
• ($1.5M) Transfers to Other Funds - Less
Budgeted for CIP Projects
Youth Services and Programming
• $1.5M Community Services Department
• $500k Library
• General Fund appropriations lapse at year end per City Charter • Post Fiscal Year 2023-24 bring forward fund to re-appropriate Consolidated Financial Policies Contributions Proposed
• $500k Pension 115 Trust
• $1.0M CIP Projects (¾% of preliminary General Fund revenues) • $300k Catastrophic Events Reserve
• $200k Equipment Replacement Reserve
Vacancy Factor
• City has had several vacancies = $2M in General Fund savings many FYs • February 2024 the City has 78 full time and 56 part time vacancies • In FY 2023-24 vacancy factor was $1.3M
• Staff will explore a FY 2024-25 Vacancy Factor to achieve savings Fiscal Year 2024-25 General Fund Preview
• Information provided is preliminary & the goal was to provide the City Council and the residents with a preview before the May 13, 2024 Budget Study Session
• A $5M Deficit gives limited space to increase any appropriations, however many scenarios to balance the budget will be analyzed and Revenues will continue to be reviewed
• At this time all Non-General Fund budgets are on track to meet their allocated funding for FY 2023-24 and their FY 2024-25 Budget will be presented with the GF on May 13th
• Staff will provide City Council with updates if significant changes have occurred during the remainder of the fiscal year
Fiscal Year 2024-25 General Fund Preview
Key Dates:
• April 3, 2024 Repeat of Tonight's Presentation
• May 13, 2024 Proposed Budget Study Session
• June 3, 2024 Public Hearing for Budget Adoption
Fiscal Year 2024-25 General Fund Preview