CITY OF Proposed Budget
REDONDO BEACH FY 2024-25
Fund
Estimated Fund
Balance
July 1, 2024
Proposed
Revenues
FY 2024-25
Proposed
Appropriations FY
2024-25
Transfers In Transfers Out
Estimated Fund
Balance
June 30, 2025
General Fund 4,264,254 112,237,710 (98,403,100) 4,265,303 (15,880,783) 6,483,384 Special Revenue Funds
State Gas Tax 1,716,188 3,748,193 (3,409,325) - (86,701) 1,968,355 Storm Drain Improvement 41,990 36,000 - - - 77,990
Street Landscaping and Lighting 1,530,600 - (2,546,818) 1,125,701 (109,483) 0 Local Transportation Article 3 (146,448) 70,249 - - - (76,199) Measure M 183,742 1,386,563 (1,500,000) - - 70,305
Proposition A 3,258,320 1,954,059 - - (2,986,216) 2,226,163 Proposition C 276,919 1,715,956 (1,800,000) - - 192,875 Measure R 211,568 1,251,781 (1,085,000) - - 378,349
Measure W (609,467) 710,000 (625,979) - (12,937) (538,383) Air Quality Improvement 53,184 90,000 (189,182) - (3,751) (49,749) Intergovernmental Grants - 11,041,175 (16,333,415) - - (5,292,240) Comm Develop Block Grant (344,466) - (114,344) - - (458,810) Housing Authority 1,500,156 - - - - 1,500,156
Parks and Recreation Facilities 31,500 8,143 - - - 39,643 Narcotic Forfeiture and Seizure 30,000 (15,686) (58,699) - - (44,385) Subdivision Park Trust 1,224,220 750,000 (550,000) - - 1,424,220 Disaster Recovery 315,046 19,788 (17,060) - - 317,774
CalPERS Reserve Fund 7,975,721 - - - - 7,975,721
Total 15,649,130 24,365,864 (28,229,822) 1,125,701 (3,199,088) 9,711,785 Capital Projects Funds
Capital Projects 1,076,158 349,341 (2,179,493) 805,876 (25,579) 26,303 Major Facilities Reconstruction - (479,286) (250,000) - - (729,286) Open Space Acquisition 779,473 - - - - 779,473
Total 1,376,345 349,341 (2,429,493) 805,876 (25,579) 76,490 Enterprise Funds
Harbor Tidelands (7,904,157) 7,382,147 (7,442,440) - (742,670) (8,707,120) Harbor Uplands (3,244,421) 7,235,350 (5,279,291) - (1,866,889) (3,155,251) Solid Waste 1,023,750 7,003,508 (6,964,469) - (82,333) 980,456 Wastewater (1,501,281) 5,869,939 (5,057,733) - (214,623) (903,697) Transit - 3,045,183 (5,928,203) 2,986,216 (71,713) 31,483 Total (11,626,109) 30,536,127 (30,672,136) 2,986,216 (2,978,227) (11,754,130) Internal Service Funds
Self-Insurance Program (10,997,274) 9,301,086 (9,289,187) - (11,899) (10,997,274) Vehicle Replacement 3,587,538 4,971,986 (2,829,949) - (82,404) 5,647,171 Building Occupancy 531,422 3,316,655 (3,528,906) - (170,577) 148,594 Information Technology (440,421) 4,243,192 (4,515,869) - (169,807) (882,905) Emergency Communications (3,353,340) 2,554,415 (8,366,651) - (234,711) (9,400,287) Major Facilities Repair 50,490 110,546 (405,000) - - (243,964) Total (10,621,585) 24,497,880 (28,935,562) - (669,397) (15,728,664) Total Before Adjustments (957,965) 191,986,922 (188,670,113) 9,183,096 (22,753,075) (11,211,135) Less: Int Svc Fds/Overhead - (35,699,113) 35,699,113 -
Total City (957,965) 156,287,808 (152,971,000) 9,183,096 (22,753,075) (11,211,135) Deposit Fund - (790,000) 810,000 - - 20,000
Succesor Agency-City - (81,536) 81,536 - - -
Housing Successor-City - (1,235,441) 33,666 - (34,920) (1,236,695) Successor Agency - 1,150,183 (217,891) - (1,150,183) (217,891) Housing Successor Agency 3,497,714 271,891 (350,000) - - 3,419,605 Community Financing Authority 13,376,289 5,369,200 (15,029,057) 15,560,958 (805,876) 18,471,514 Grand Total 7,908,949 172,011,373 (170,674,925) 24,744,054 (24,744,054) 9,245,397 ● The Self-Insurance Program Fund beginning fund balance reflects a positive cash balance of $9,175,548 reduced by liabilities for future workers' compensation and liability claims of $20,172,822. ● The Harbor Tidelands and Harbor Uplands fund balances include a reduction per GASB for capital assets, depreciation, and future pension and OPEB liabilities which will not materialize in the budget timeframe. Adjusting for these factors results in fund balances of -$5.7 million and -$2.2 million, respectively.
SUMMARY OF ESTIMATED REVENUES, APPROPRIATIONS, AND
FUND BALANCE CHANGES
Before City Manager Recommendations
● The General Fund beginning fund balance is net of the City Council-set 8.33% minimum contingency reserve ● Beginning fund balances of the Harbor Tidelands and Harbor Uplands Funds exclude capital assets such as the pier and the parking structures.
● Beginning Balance of Intergovernmental Grants is set at zero as is consistently negative due to grant revenue and expenditure timing; this negative balance does not indicate a lack of fund ● The Street Landscaping & Lighting and Transit Fund balances are both shown at zero as they are subsidized by the General Fund and Proposition A funds, respectively.
FINANCIAL SUMMARY