Redondo Beach City Council
May 21, 2024

Budget Overview
Proposed FY 2024-25 Budget and Five-Year CIP
May 21, 2024
Proposed FY 2024-25 Budget
New Format/Publishing Software
Cleargov
City Manager’s Message
“Transmittal Letter”
Core Budget
Personnel, Maintenance & Operations, Internal Service Funds, Capital Outlay Decision Packages
Represent Modifications to the Core Budget
63 Recommended
Budget Response Reports
Determined by City Council Questions and Desire for Supplemental Information First Batch – June 4
Budget Themes
▪ Absorbing New Employee Compensation and Benefit Costs ▪ Making Mandatory Adjustments to Core M&O Expenses
▪ Continuing Successful Pilot Programs
▪ Incorporating Essential Technology Costs
▪ Covering Anticipated Claims, Insurance, and CalPERS UAL Payments Proposed GF Budget Summary
FY 2024-25 Budget
Estimated Beginning Fund Balance $3,764,254
Core Revenues $116,503,013
Core Expenditures $113,820,546
Unfunded Accrued Liability (UAL) Payment $3,252,026
Recommended Decision Packages Ongoing (net) $168,628
Recommended Decision Packages One-Time $3,280,131
Recommended CIP Allocation $0
Total Estimated Year-End Fund Balance after Recommendations $83,191 GF Tax Revenues
Type
Property Tax 36,054,267 1,050,125 3.0%
Sales and Use Tax 11,000,000 83,000 0.8%
Property Tax in Lieu of VLF 8,500,000 - 0.0%
Utility Users Tax 2,300,919 - 0.0%
Transient Occupancy Tax 8,281,822 1,500,000 22.1%
Property Transfer Tax 8,933,867 - 0.0%
Other Taxes 4,626,403 (15,276) -0.3%
TOTAL $79,697,278 $2,617,849 3.4%
$
Inc (Dec) over Midyear
23-24
Proposed FY 24-25
%
Inc (Dec) over
Midyear 23-24
GF Expenditure Summary
Type Proposed FY 24-25
%
Inc/(Dec) over
Midyear
Personnel 60,540,682 638,554 1.1%
M & O 9,059,842 (3,762,907) -29.3%
Internal Service Fund 28,314,128 17,594 0.1%
Capital Outlay 25,110 (3,690,957) -99.3%
POB Debt - - N/A
Other Uses 15,880,783 1,212,902 8.3%
Unfunded Accrued
Liability (UAL) Payment 3,252,026 3,252,026 N/A
TOTAL $117,072,572 ($2,332,788) -2.0%
$
Inc (Dec) over Midyear
23-24
Capital Budget Summary
▪ Total FY 2024-25 CIP Appropriations = $17.3M for 125 Projects ▪ $65.4M of Carry-Over Funding for 125 Previously Approved Projects ▪ $17.3M of New Appropriations for 13 Previously Approved Projects and 13 New Projects
▪ In FY 2023-24 $21.1M of CIP Funds will be spent
▪ 25 Projects Completed
▪ 20 Projects Designed and/or Awarded Construction Contracts Budget Calendar
▪ May 21th – Budget & CIP Hearing – Introduction
▪ May 23rd - Planning Commission – General Plan Consistency Review ▪ May 29th – Public Works & Sustainability Commission - Review ▪ May 30th – Budget & Finance Commission - Review
▪ June 4th – CC Budget & CIP Hearing – Operations Focus ▪ June 10th – Harbor Commission Review
▪ June 11th – CC Budget & CIP Hearing - CIP Focus
▪ June 18th – CC Budget & CIP Hearing - Adoption
Recommended Actions
A. Receive and File the Budget Presentation
B. Provide Direction on the preparation of additional Budget Response Reports