Administrative
Report
N.2., File # 24-0613 Meeting Date: 5/21/2024
To: MAYOR AND CITY COUNCIL
From: WENDY COLLAZO, FINANCE DIRECTOR
TITLE
DISCUSSION AND POSSIBLE ACTION REGARDING THE FISCAL YEAR 2024-2025 CITY MANAGER’S PROPOSED BUDGET AND FISCAL YEAR 2024-2029 CITY MANAGER’S
PROPOSED FIVE-YEAR CAPITAL IMPROVEMENT PROGRAM
RECEIVE AND FILE THE FISCAL YEAR 2024-2025 CITY MANAGER’S PROPOSED BUDGET, THE FISCAL YEAR 2024-2029 CITY MANAGER’S PROPOSED FIVE-YEAR CAPITAL IMPROVEMENT
PROGRAM
SET JUNE 4, 2024 AS THE DATE TO CONDUCT A PUBLIC HEARING ON THE PROPOSED BUDGET
EXECUTIVE SUMMARY
The City Charter requires that the annual budget be adopted by June 30, 2024. Public Hearings for the budget and the five-year capital improvement program are scheduled to begin June 4, 2024, and budget adoption is tentatively scheduled for June 18, 2024.
BACKGROUND
As presented, the Fiscal Year 2024-2025 City Manager’s Proposed Budget is a balanced budget and was developed pursuant to the City Council’s adopted financial principles. The Fiscal Year 2024- 2029 City Manager’s Proposed Five-Year Capital Improvement Program identifies capital investment required to meet our general plan and other policy goals and to ensure good stewardship of our existing infrastructure. Both documents are available on the City’s website at <https://www.redondo.org/budget>. In addition to the documents, City Council and Community members can also access a digital version of the budget book through the City’s website.
The table below shows the remaining budget schedule to meet the City Charter June 30 deadline for budget adoption.
Date Meeting Action
May 21, 2024 City Council Receive and File Proposed Budget and 5-Year CIP May 21, 2024 City Council Set June 1, 2021 as the Public Hearing Date May 23, 2024 Planning Commission Review General Plan Consistency Review June 4, 2024 City Council Public Hearing No. 1 on Proposed Budget (Operating) June 11, 2024 City Council Public Hearing No. 1 on Proposed Budget (Capital) June 10, 2024 Harbor Commission Harbor Commission Review June 13, 2024 Budget/ Finance Commission Budget/ Finance Commission Review June 18, 2024 City Council Continued Public Hearing – Budget/ 5-Year CIP Adoption Page 1 of 2 N.2., File # 24-0613 Meeting Date: 5/21/2024
Date Meeting Action
May 21, 2024 City Council Receive and File Proposed Budget and 5-Year CIP May 21, 2024 City Council Set June 1, 2021 as the Public Hearing Date May 23, 2024 Planning Commission Review General Plan Consistency Review June 4, 2024 City Council Public Hearing No. 1 on Proposed Budget (Operating) June 11, 2024 City Council Public Hearing No. 1 on Proposed Budget (Capital) June 10, 2024 Harbor Commission Harbor Commission Review June 13, 2024 Budget/ Finance Commission Budget/ Finance Commission Review June 18, 2024 City Council Continued Public Hearing – Budget/ 5-Year CIP Adoption
COORDINATION
All Departments participated in the preparation of the Fiscal Year 2024-2025 City Manager’s Proposed Budget and the Fiscal Year 2024-2029 City Manager’s proposed Five-Year Capital Improvement Program.
FISCAL IMPACT
The adopted version of the Fiscal Year 2024-2025 Budget will create the financial guidelines for all City operations. The Fiscal Year 2024-2029 Five-Year Capital Improvement Program is a planning document, as funding for capital projects is approved annually as part of budget adoption.
APPROVED BY:
Mike Witzansky, City Manager
ATTACHMENTS
· FY 2024-2025 Proposed City Budget (Provided in electronic form via website May 16, 2024) · FY 2024-2029 Proposed Five-Year CIP Budget