Redondo Beach City Council
February 17, 2026

Year-End
Financial Report
Recommended Carryover Assignments
FY 2024-25 to FY 2025-26
Financial Services Department
February 17, 2026
2 • Summary
• General Fund Revenue
• General Fund Expenditure
• Fund Balance Summary
• Recommended Use of Balance
• Commission Input
• Next Steps
• Recommendations
Overview
3 • Report provides overview of unaudited General Fund
balance at the close of the fiscal year (6/30/25)
• Presents assignments for Council consideration
• Step in FY 2024-25 audit process
• FY 2024-25 General Fund Summary (excluding transfers) • Revenue exceeded estimates (3%)
• Expenditures below budget (2%)
Summary
4 General Fund FY 2024-25 Revenue ($ in millions)
Category
FY 24-25
Revised Budget
FY 24-25
Actuals
Over /
(Under) %
Taxes 82.2 83.6 1.4 1.7%
Licenses & Permits 2.6 3.4 0.8 31%
Intergovernmental 0.2 0.6 0.4 200%
Charges for Service 25.4 24.8 (0.6) (2.4%)
Use of Money/ Property 3.4 5.3 1.9 56%
Fines & Forfeitures 1.5 1.7 0.2 13%
Other Revenues 2.6 2.3 (0.3) (12%)
Total $117.9 $121.7 $3.8 3.2%
Transfers In 4.3 3.7 (0.6) (14%)
Total with Transfers $122.2 $125.4 $3.2 2.6%
Other Revenue includes Donations / Reimbursements from other entities/ Sale of Property Revenue
5 FY 24-25
Actuals
FY 23-24
Actuals
FY 22-23
Actuals
FY 21-22
Actuals
FY 20-21
Actuals
FY 19-20
Actual
Property Tax 38.0 35.9 34.2 32 32.1 29.3
Property Transfer Tax 2.7 2.4 2.2 3.7 3.3 2.6
Sales and Use Tax 11.0 10.8 11.0 11.8 10.0 9.7
Utility Users Tax 8.9 8.5 9.2 8 6.7 6.8
Transient Occupancy Tax 9.0 9.1 6.2 5.4 3.4 6.3
Franchise Fees 1.5 2.0 2.1 1.9 1.7 1.7
Business License Tax 1.2 1.3 1.3 1.2 1.2 1.3
Property Tax in lieu of VLF 10.2 9.7 9.2 8.7 8.4 7.9
Total $82.5 $79.7 $75.4 $72.7 $66.8 $65.6
Proerty Tax includes Secured, Unsecured, Homeowners Exemption, Property Tax Trust Fund Tax Revenue
Tax Revenue
7 General Fund FY 2024-25 Expenditure ($ in millions)
Category FY 24-25
Revised Budget
FY 24-25
Actuals
(Over)/
Under
%
Personnel 46.6 47.0 (0.4) -0.9%
Fringe Benefits 19.4 19.7 (0.3) -1.5%
Materials and Supplies 3.4 2.8 0.6 18%
Maintenance & Operations 1.0 0.8 0.2 20%
Contracts and Services 11.4 9.1 2.3 20%
Internal Services 30.8 30.8 - 0%
Capital Outlay 0.5 0.3 0.2 40%
Total $113.1 $110.5 $2.6 2.3%
Transfers Out 22.0 24.4 (2.4) -11%
Total including Transfers $135.1 $134.9 $0.2 0.1%
Actuals do not include encumbrances
Expenditure
8 FY 24-25
Actuals
FY 23-24
Actuals
FY 22-23
Actuals
FY 21-22
Actuals
FY 20-21
Actuals
FY 19-20
Actual
Personnel 47 42.5 39.6 36.5 34.8 38.2
Fringe Benefits 19.7 16.3 14.9 14.3 23.9 23.7
Materials and Supplies 2.8 2.5 2.4 2.4 2.0 2.2
Maintenance & Operations 0.8 0.7 0.8 0.6 0.5 0.5
Contracts and Services 9.1 6.3 5.7 4.6 4.1 4.3
Internal Services 30.8 28.3 24.7 25.3 24.6 25.1
Capital Outlay 0.3 0.3 0.5 2.6 0.2 0.1
Total $110.5 $96.9 $88.6 $86.3 $90.1 $94.1
Transfers Out 24.4 16.9 14.3 13.5 3.6 2.6
Total $134.9 $113.8 $102.9 $99.8 $93.7 $96.7
Expenditure
Expenditures by Category
10 General Fund FY 2024-25 Expenditure ($ in millions)
Department Revised Budget Actuals Delta %
Mayor & City Council 0.9 0.7 0.2 17%
City Clerk 2.1 1.9 0.2 10%
City Treasurer 0.4 0.4 0.1 18%
City Attorney 5.5 4.9 0.6 11%
City Manager 1.4 1.1 0.2 16%
Human Resources 2.6 2.3 0.2 9%
Financial Services 6.2 5.7 0.5 8%
Police 47.7 47.0 0.7 1%
Fire 20.3 22.1 (1.8) -9%
Public Library 4.6 4.5 0.2 3%
Community Services 8.0 7.5 0.5 6%
Community Development 4.4 4.6 (0.2) -5%
Waterfront & Economic Development 0.2 0.2 0.0 13%
Public Works 8.2 8.2 0.0 1%
Total $112.6 $111.2 $1.4 1%
Actuals include encumbrances
11 Calculation of General Fund Available Balance
in accordance with GASB 54
Estimated Balance before Required Exclusions $16,000,000 Non-spendable Items Prepaid Costs (292,578)
Notes and Loans (12,600)
Total Non-spendable (305,178)
Committed Items Economic Contingency Reserve (8,599,208) Total Committed Items (8,599,208)
Balance after Mandatory Designations/ Transfers $7,844,489 Proposed Required Assignments Encumbrances (1,016,725)
Petty Cash (8,450)
Compensated Absences (838,736)
Total Assignments (1,863,911)
Remaining Available Estimated Fund Balance $5,231,702
12 Recommended Use of Balance
• Limited Department Requests ($1.1 million)
• One-time items linked to Council priorities, donations, capital • Harbor Uplands Fund Support (net $1.0 million)
• Anticipated $2 million transfer for capital needs
• Offset by $1 million transfer in from Capital Projects fund • No additional spending pending midyear review
• Anticipated FY 2025-26 revenue adjustments and ISF needs • FY 2026-27 budget preparation
13 Calculation of General Fund Available Balance
in accordance with GASB 54
General Fund Balance after initial designations/ transfers $5,231,702 Department General Fund Carryover (774,063)
Donations Carryover (179,051)
Capital Carryover (126,910)
Proposed Carryover (1,080,025)
Transfer in from Capital Projects FundPier Parking Structure 1,000,000 Proposed Set Aside for Harbor Uplands (2,000,000)
Additional Adjustments (1,000,000)
Total Proposed Adjustments (2,080,025)
Remaining Available Estimated Fund Balance $3,151,678
14 Commission Input
• Budget & Finance Commission review 02/12/26
• Recommendations
• Limited Department carryover
• Replenish CalPERS Reserve Fund
• Maintain unallocated balance for future priorities,
including FY 2026-27 unfunded accrued liability
Next Steps
15 1) FY 2025-26 Midyear Budget - March 17
 Revenue, expenditure, fund balance midyear status
 Proposed revenue and expenditure adjustments
2) FY 2024-25 Annual Comprehensive Financial Report (ACFR) 16 • Receive and file the report for discussion and possible action regarding assignments of General Fund Balance for the Fiscal Year ending June 30, 2025
• Adopt by 4/5ths vote and by title only Resolution No. CC 2602- 009, a Resolution of the City of Redondo Beach, California, Authorizing to Re-Budget Departmental Carryover Requests and carry over unexpended balances as of June 30, 2025 for donations, grants, and capital projects
Recommendations
Year-End
Financial Report
Recommended Carryover Assignments
FY 2024-25 to FY 2025-26
Financial Services Department
February 17, 2026